Dime Bank Foundation Awards $2,500 to Eastern Connecticut Housing Opportunities to Help First-Time Homebuyers
Norwich, CT — 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.
According to Peter Battles, President of ECHO, the objective of NLCDP is to address the three most common barriers that low-income families face when trying to purchase a home: 1) the lack of cash reserves for down payment and closing costs; 2) insufficient income to afford mortgage payments; 3) the lack of knowledge of the home-buying process. “Dime Bank’s award will help those families who lack cash reserves for down payment and closing costs. We thank them for helping to make this program possible”, stated Battles.
Eastern Connecticut Housing Opportunities is a private, nonprofit corporation that was founded in 1989 in response to the critical lack of affordable housing for the working people of Southeastern Connecticut. Its mission is to provide affordable housing to families whose combined income is too low to support the purchase or rental of a home at market rates in the communities in which they work and wish to live.
About Dime Bank Foundation
In 1998, Dime Bank established the Dime Foundation enabling the bank to support and give back to the communities it serves. The foundation provides funding for charitable, cultural, literary, scientific, and educational non-profit organizations. The foundation accepts applications on a year-round basis. For more information about Dime Bank, visit www.dime-bank.com/dime-foundation.php.
Established in 1869, Dime Bank is a mutual bank with over $735 million in assets and 11 convenient branch locations throughout southeastern and shoreline Connecticut and Westerly, Rhode Island. As a full-service financial institution, Dime offers consumer and commercial banking, home mortgages, insurance, trust and investment services – all delivered with a personal touch. BauerFinancial, Inc., a national bank rating firm, recognized Dime Bank, as one of the strongest banks in the nation. For more information about Dime Bank, visit https://dime-bank.com.