Development Services

Appraisal Gap Financing Program

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Appraisal Gap Financing Program (GAP) creates a financial incentive for builders, developers, and non-profits to develop owner-occupied single and two unit residential homes.  The developer is able to fill the “gap” between what it costs to build a home and the appraised value or sales price of that home.  Generally, developers can receive assistance of up to $40,000 per unit.  Eligible homebuyers purchasing homes subsidized with GAP funds will assume a lien against the property for the amount equal to the “GAP.” The secured loan will reach full forgiveness after 7 years of required owner-occupancy.  Blighted and vacant City-owned lots will be given preference.

 

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Housing, Economic Development, Planning & Zoning is located at 250 Constitution Plaza, 4th Floor
 
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HARTFORD CITY HALL ADDRESS: 550 Main Street, Hartford, CT 06103 PHONE: (860)757-9311 HOURS: 8AM - 5PM