David W. Glidden, President & CEO of Liberty Bank and James Czapiga, President & CEO of Connecticut Attorneys Title Insurance Company (CATIC), along with the Honorable Adam M. Cloud, Hartford City Treasurer, today announced a unique public-private partnership to make homeownership more affordable in the Capital City.
This collaborative initiative takes a three-pronged approach to boosting homeownership rates in Hartford. First, it improves access to Liberty Bank’s existing Good Neighbor Plus product for those looking to buy a home in Hartford, in part by leveraging innovative products and services offered by CATIC. Second, it expands community relationships with local nonprofit organizations in Hartford with the assistance of Treasurer Cloud to help raise awareness of the initiative among city residents looking to purchase a home. Lastly, it provides the opportunity for homebuyers to work with additional parties to help mitigate expenses and fees associated with buying a home.
While Liberty’s Good Neighbor Plus product is currently available, this announcement and partnership is unique because of the collaboration between the Liberty Bank, CATIC and Treasurer Cloud. Expected to launch by the spring of 2022, this Hartford-centric initiative includes the following components:
- The Good Neighbor Plus Program. Homebuyers in Hartford will have access to Liberty Bank’s Good Neighbor Plus Program which offers a 0.50% reduction in their mortgage rate; flexible credit options including 97% Loan-to-Value (LTV) with Liberty paying the mortgage insurance; a 640 minimum credit score; and a $2,500 rebate at closing to the customer to offset closing costs.
- Community Outreach: To raise awareness of the program throughout the Hartford community, Treasurer Cloud will team up with Liberty’s Community Development Team and Hartford-based Affordable Lending Officers in conducting wide-ranging outreach to local groups and nonprofits such as churches and community organizations. In addition, the Liberty team will work with other organizations that serve the African American, Latino, West Indian and Jamaican communities in Hartford.
- Discounted Professional Fees for Homebuyers: Liberty Bank and the Treasurer’s Office have enlisted the support of CATIC, a Connecticut-based title insurance company that provides specialized services to the real estate community. CATIC will offer attorney assistance and other professional expertise as well as title insurance products at a discount rate to potential homebuyers in Hartford who participate in the Good Neighbor Plus Program.
“This new partnership with the City of Hartford and CATIC shows what can happen when there is strong collaboration between public and private partners who share a common goal of helping individuals and families realize affordable homeownership, especially for those who have chosen to make Hartford their home,” said David W. Glidden, President & CEO of Liberty Bank. “It is meaningful initiatives like this one that defines the mission we promote every day inside the bank and out in our communities: to improve the lives of our customers, teammates and communities for generations to come.”
“My goal in establishing this partnership with Liberty Bank and CATIC is to not only make owning a home possible and more affordable for Hartford residents but to establish the type of homeownership opportunities that will earn us the reputation for being among the best cities in America to buy a home,” said Hartford City Treasurer Adam M. Cloud. “Through this monumental alliance, we can effectively raise awareness of the significant benefits of this multi-faceted initiative that will be impactful for Hartford, city residents and our local economy for many years to come.”
“As a leader in the real estate industry, CATIC is pleased to join Liberty Bank and Treasurer Cloud in launching this unique initiative. CATIC is known for doing all we can when asked to collaborate to build more vibrant communities. I am confident that together we will be able to do just that by making homeownership achievable and affordable through discounted professional services for homebuyers in Hartford,” said Jim Czapiga, CEO of CATIC.
Earlier this year, Liberty Bank opened a Consumer Loan Production Office (LPO) at 2074 Park Street in Hartford. The two affordable lending officers based at the Hartford LPO, along with Liberty’s Community Development team, will be assigned to work with the Treasurer’s Office and CATIC in administering the program.
The initiative is expected to officially launch in the spring of 2022.
About Liberty Bank
Established in 1825, Liberty Bank is one of the oldest and largest mutual banks in the country. With more than $7 billion in assets, Liberty has 56 banking offices across Connecticut with one in Western MA. As a full-service financial institution, Liberty offers consumer and commercial banking, cash management, home mortgages, business loans, insurance and investment services. Named ‘Top Workplace’ by the Hartford Courant every year since 2012 and designated a 2021 Best-In-State Bank in Connecticut by Forbes Magazine, Liberty maintains a longstanding commitment to superior personal service and unparalleled community involvement.