HARTFORD, Conn. — What if you could get up to $50 thousand dollars towards a down payment for a home in Connecticut? Gov. Ned Lamont released a $20 million bond allocation last week to do just that. It's all part of a larger effort to respond to a so-called housing crisis and create more affordable housing options across the state. But who qualifies and how can you apply? FOX61 spoke with the deputy housing commissioner for answers.
“We’re having the biggest investment in housing in the history of this state," Lamont said Thursday following a meeting of the Bond Commission. “I need more diversity of our housing stock. That’s affordable housing, that’s workforce housing. That’s downtown housing. We’re going to put in place the money to give people the incentives to get it done.”
The program is called Time to Own—and it’s not the State of Connecticut's first time investing in it. Since last year, $40 million has helped 1,317 people become homeowners through the program and helped lead to 900 closings, McGee said.
The average 20 percent down payment in Connecticut is $67,375, according to housing officials. The average minimum down payment is $10,100.
“If you recall, the program was put on pause for a moment, but these funds will help resume the program," McGee said. "One-time down payment assistance program for Connecticut residents, particularly those in communities represented by most disenfranchised.”
The loans are for first-time buyers who take out a Connecticut Housing Finance Authority or CHFA loan. But the loans eventually look more like grants when the money is forgivable after year ten.
“Not all folks have been able to have this equal opportunity to build wealth through home ownership," McGee said. "To allow families in this income bracket to build equity.”
You must be able to prove you have lived in Connecticut for at least the past three years. For more details on this program, click here.
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