On Thursday, November 8, 2018, the Chicopee City Council passed an order filed by Mayor Richard J. Kos to continue funding the Multifamily Housing Initiative for FY 2019. This incentive program is focused on encouraging owner-occupancy of three-family housing in the City.
The incentives are the following:
- A $16,000 no interest loan from the City of Chicopee applied toward the down payment of closing costs on a multi-family property within the City; and
- Annual forgiveness of $1,000.00 of loan granted for sixteen years provided that owner continues to occupy property as primary residence and maintains condition of the property.
“Owner occupied properties provides a better maintained residences with fewer needs for Police, Health, and Building Department involvement. This is another way to improve our neighborhoods, and our City as a whole,” said Mayor Richard J. Kos.
Interested parties should search online real estate database websites for available listings of legal three-family homes in the City of Chicopee, then contact the Planning Department to confirm property is a qualifying three-family home.
Should you have questions about or interest in this program, please contact:
Lee Pouliot, Director