New London home adds to affordable options
New London — A new HOPE house has gone on the market, adding to the affordable options in the city.
The home at 60 Denison Ave. is the third to have been renovated through a $500,000 Connecticut Housing Finance Authority tax-credit program, with funding provided by Eversource Energy. The other two HOPE Inc. homes were at 56 Ledyard St. and 61 Denison Ave., across the street.
HOPE is offering the 1,243-square-foot home to a low-income family with good credit at a cost of $150,000. Low income is defined as a family making less than 50 percent of the area's median income, which in New London County would be $48,400 for a family of four.
Marilyn Graham, executive director of HOPE, said New London Landmarks research showed the house dates to 1892. The original owner, Rosa Silvia, hailed from the Azores in Portugal.
"Ownership of house stayed within Rosa and her husband Frank's family until the mid-20th century," she said in an email. "Last of the family to own the house was Frank T. Smith, who sold it out of the family in 1958."
HOPE bought the home out of foreclosure in February 2016 for $47,900. Renovations cost the nonprofit $168,471, not including a $12,650 lead-abatement grant, another $10,000 grant to pay for a new boiler and $3,500 in lead and asbestos abatement costs paid for by HOPE.
The three-bedroom, one-and-a-half-bath home features hardwood floors, an all-new kitchen, gated back yard, off-street parking and a laundry room.
For information, call 860-447-0812.
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