CHATHAM – The Town of Chatham, in partnership with the Chatham Housing Authority, has announced a new housing program designed to help area residents save for a down-payment on their first home.
The MCI Rental/Housing Savings Program will allow eligible applicants to rent an affordable unit at the MCI/Marconi Campus as they save for a down-payment.
Under the program, half of the monthly rent is set aside into an escrow account and is made available to the qualifying participants at the conclusion of the five-year program to use on the purchase of their new home.
There are currently three 3-bedrooms units on Old Corners Road available through the program. Rent for each unit is 1,300 dollars plus utilities, and applicants will have to meet income limits.
Applications for the MCI Rent Escrow Program are available at Chatham Town Hall, The Chatham Community Center, or at the Chatham housing Authority. Completed applications must be returned by 2 PM on Friday September 1st.
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