New London — The buyers of the latest house put on the market by HOPE Inc. will be officially welcomed Tuesday in an event hosted by the nonprofit affordable housing group.

HOPE Inc. executive director Marilyn Graham said the three-family house at 73 Belden St. will be open to the public on Tuesday at noon for an event that will include remarks from local officials and a ribbon-cutting ceremony.

The group in a news release said the house will be sold for $198,000. It was purchased in 2018 for $66,000, according to assessor's records.

The homeowners will live in a three-bedroom apartment while renting the one-bedroom apartment and two-bedroom apartment to low- and very-low income family members, the release said.

Graham said HOPE has renovated or built 19 houses on Belden Street for low- and moderate-income buyers. Owners invested in keeping up their homes has changed the dynamic in the formerly blighted neighborhood characterized by absentee landlords, according to the executive director.

A deed restriction will ensure that the house remains affordable to low or moderate-income families for 30 years.

Graham, who said the original structure was "gutted" through the renovation, pointed to new materials such as fiber cement siding and Ipe decking on the outside, as well as ceramic tile bathrooms, granite kitchen counters, stainless steel appliances and hardwood floors on the inside.

The renovations were funded by $400,000 in contributions from Eversource Energy through the Connecticut Housing Finance Authority's Housing Tax Credit Contribution Program, the release said. The program provides donors with one-for-one credit on state corporate taxes.

The city of New London provided $30,000 for three new boilers through its Housing Conservation Program.

Graham said the foundation for another HOPE house has just been poured across the street for another two-family home for a low-income family.