Dime Bank Foundation recently awarded Eastern Connecticut Housing Opportunities (ECHO) with a $2,500 grant. This grant will help fund the administrative costs of a down payment program for low-income, first-time homebuyers in New London County. Known as the New London County Down Payment Program (NLCDP), the program provides interest-free, forgivable loans that may be used for any combination of down payment and closing costs.
Peter Battles, president of ECHO, said the objective of NLCDP is to address the three most common barriers that low-income families face when trying to purchase a home: the lack of cash reserves for down payment and closing costs; insufficient income to afford mortgage payments; and the lack of knowledge of the home-buying process. ECHO is a private, nonprofit corporation founded in 1989 in response to a lack of affordable housing for working people in the region.