NORWALK, Conn. -- Shawmut Bank said it will make two affordable mortgage programs totaling $2 million available to low-income and moderate-income residents of Norwalk.
In both programs, the unit of Shawmut National Corp. will waive mortgage points.
One of the programs, involving a $1 million pool of mortgages, was developed by the Norwalk Redevelopment Authority, which will refer qualified applicants. Shawmut's commitment will be used for first-mortgage loans to owner-occupants of homes for one to four families in targeted neighborhoods.
The other program was developed in cooperation with the Association of Community Organizations for Reform Now, which has an office in Bridgeport. This money is targeted at first-time homebuyers in Norwalk. Acorn will provide loan counseling and refer applicants to Shawmut.
Shawmut is expected to complete its previously announced acquisition of Norwalk-based Gateway Bank by June 30.