Three new state housing programs are designed to help increase homeownership opportunities throughout Connecticut.

The state is investing $30 million into the new "CT Home Funds" program to provide qualifying residents and developers with grants and loans for home improvement, rehabilitation as well as new construction.

Homeownership is not only a life goal of working families, but it helps create stable and strong communities.

CT Home Funds is made up of the Connecticut Home Improvement Program, the Time to Own – Rehabilitation Program, and the Homeownership Construction Program, which are being administered by Capital for Change and the Housing Development Fund.

The Connecticut Home Improvement Program will issue low-interest loans directly to homeowners to make energy efficiency improvements as well as related housing repairs such as roof repair/replacement, handicap accessibility, and remediation of environmental health hazards including septic systems and sewer hook-up.

The Time To Own – Rehabilitation Program will aid new homeowners with forgivable loans who received assistance under the state’s original Time To Own Program to help with the costs of repairs and improvements on their new homes. This can include replacing a well or septic tank, a new roof, or improvements to plumbing and electrical systems.

The Homeownership Construction Program will provide grants of up to $150,000 per home for smaller developers and nonprofits to help cover the costs of new construction or rehabilitation of up to 10 homes that will be income-restricted to help with the affordable housing shortage.

Whether you are looking to purchase your first home or maintain and improve your investment, one of these programs may be right for you.

Click here for more information about Capital for Change's residential lending programs. You can also email lending@capitalforchange.org  or call 855-656-5500.

Here is more information about Housing Development Fund developer loans. First time homebuyers and developers can also call 203-969-1830 or email info@hdfconnects.org

You can also read about the state's new CT Home Funds program in this article from CT Insider.