Juan R. Candelaria

Great news for first-time homeowners! An additional $20 million has been added to the Connecticut Housing Finance Authority's (CHFA) Time To Own Program. Funding for the program - which offers down payment assistance to low- and moderate-income homebuyers in Connecticut - now stands at $80 million, with over $21.5 million currently available for loan reservations.



Eligibility requirements for the program include:

• Meeting financial need specifications
• Qualifying for and receiving a CHFA first mortgage
• Being a current resident of Connecticut and demonstrating residency for the most recent three years

The impact of this program will reverberate in the short- and long-term for Connecticut residents; not only will there be a new generation of homeowners, but these residents will begin the process of building inter-generational wealth to pass on to the next generation.

Other benefits of the program include:

• A 0% interest rate with no monthly payment required
• 10% of the loan balance forgiven annually until it is fully forgiven on the tenth anniversary
• Financing for up to 20% of a down payment and 5% of closing costs

Your calls, emails, and testimony at public hearings during this year's legislative session had a direct influence on these new laws. Thank you for your input and please continue expressing your views and making your voice heard during our legislative process.