With rents and home prices on the rise, Connecticut officials are touting a new state down payment assistance program that will help new homeowners. They say more than a dozen people have applied since the program launched a week ago.
The state has allocated $20,000,000 for the program and officials estimate it could help 500 to 1,000 home buyers. The program offers assistance to low and moderate-income homebuyers and gives up to $50,000 to borrowers.
Governor Ned Lamont said at a press conference Wednesday that the “Time to Own” program is filling a need when higher priced homes are dominating the housing market.
“We've got to do everything we can to help renters and those first time homebuyers step up and be able to get the opportunity for ownership as well,” he said.
Applicants must have been living in Connecticut for the last three years and make less than 80% of the median income for the area they plan to buy in.
Nandini Natarajan, CEO of the Connecticut Housing Finance Authority said the opportunity is especially important for prospective homeowners in Connecticut cities like Hartford.
“Homeownership can lead to stronger, more resilient communities, and for most Americans, homeownership still represents the best path forward to building intergenerational wealth,” she explained.
The loans will have a zero percent interest rate with no required monthly payment and part of the loan will be forgiven every year.
Learn more at the Connecticut Housing Finance Authority.
