The Renaissance of Danbury helps deliver the dream of homeownership
Today's housing market has been, for many, a roller coaster ride. It has been especially
difficult for low- to moderateincome families who would like to be homeowners, but cannot find a bank that will approve them for a loan, even if they have managed to find a home that's affordable and within their target price range.
According to Scott Cooney, President of ERA Goodfellow Homes, although the housing market has had its ups and downs during this economic decline, the market for first time homebuyers has remained strong - if not gained some momentum.
This is why, he explains, "The Renaissance at Danbury, a dramatic renovation of the former High Ridge Gardens public housing complex, is an excellent place for first time home owners."
The development was formally under the supervision of GRC Property Investment & Development. Sometime in 2008, ERA took over the project, along with the Housing Authority for the City of Danbury, Newtown Savings Bank and the Housing Development Fund, also known as the HDF.
In 2007, Joselyn Cotillo heard about The Renaissance project through a co-worker.Cotillo, 25, and her sister Carolyn, 20, both formerly of Peru, had been renting in Danbury for a few years. However, after getting a puppy, they needed to find a place that would allow pets. Now, almost three years later, Joselyn couldn't be happier.
"Since the new company took over the project, we saw a huge difference in the organization of the construction," Joselyn said. "I bought my two bedroom townhouse under the other company, and I see they have changed some of the construction for the better. But the neighborhood is great, and I feel safe, [since] there are always police that patrol around this area."
According to the Cotillo sisters, the application process was not nearly as complicated as they had anticipated, and after filling out the paperwork, they were approved in a matter of weeks.
Loan Officer Al Peña of the Savings Bank of Danbury, guides first time homebuyers through the application process. "We usually set up an interview that lasts for about 30 minutes, and by then, we can determine if they could qualify for the loan."
Peña said that he is very involved during the application process and stays in contact with his clients even after the loan has been awarded and the property purchased. "I'll give them a call just to see how they are doing. I want to make sure that they are happy, personally, because I know how scary this process can be for some first time homebuyers."
Housing Development Fund President & CEO, Joan Carty, said any household with a combined income of less than approximately $62,000 should consider applying.
The HDF provides mortgage, down payment and closing cost assistance, and every week, the company offers classes covering topics such as how to maintain good credit and how to navigate the process of buying a home, which are held in both English and Spanish. Applicants must bring copies of their last two years' tax returns, three recent pay-stubs and the completed a pre-application form, which can be downloaded from HDF's Web site, www.hdf-ct.org.They also arrange the necessary financing, often combining funds from one or more of its homebuyer assistance programs with fixedrate first mortgages from its banking partners, in this case, the Savings Bank of Danbury.
"Buyers can receive up to 100% financing, and closing costs, with a loan term up to 40 years and a fixed rate of around 4.75%," said Peña.
The remaining units are expected to be completed by November of this year.Carolyn Cotillo believes that an opportunity like this won't come knocking at your door again. "If you want to see your dream of becoming a homeowner come true, go for it and don't be scared."
The Renaissance at Danbury includes 2 bedroom, 1.5 bath townhouses, 3 bedroom, 1 bath ranches and 3 bedroom, 1.5 bath townhouses.
For additional information about The Renaissance, call ERA at 203-798- 9000 or visit their Web site at www. danburyrenaissance.com. For more information on the Housing Development Fund, Inc., visit their Danbury office, which is located at 8 West Street, Suite 202-204, or call 203-798-6527.
