(l-r) Chuck Treat, Vice President, Dime Bank Foundation, presents Peter Battles, president, ECHO, and Anthony Morrison, ECHO, with a check for $5000 to help offset building costs in the renovation of 317 Connecticut Avenue and 94 Williams Street in New London.
Dime Bank Foundation awarded $5,000 to Eastern Connecticut Housing Opportunities (ECHO) to help offset building costs in the renovation of 317 Connecticut Avenue and 94 Williams Street in New London. ECHO purchased the foreclosed properties with funds through the federal Neighborhood Stabilization Program (NSP) and will now renovate the residential properties before selling them to low-income families.
According to Peter Battles, President, ECHO, “The development cost for both of these properties greatly exceeds revenues resulting from their sale due to the limited financial capacity of their targeted owners.” He adds, “The financial support we are receiving from Dime Bank Foundation will help bridge the gap between what is covered by the NSP funds and City lead abatement grants and what is needed to bring the combined budget for these two properties into balance.”
