Lamont announces $30M fund to incentivize homeownership
HBJ PHOTO | DAVID KRECHEVSKY
The State Capitol in Hartford.
The state is investing $30 million to launch three new programs intended to “preserve, incentivize and increase homeownership opportunities” in Connecticut.
Gov. Ned Lamont and state Housing Commissioner Seila Mosquera-Bruno on Tuesday announced that the Lamont administration and state Department of Housing are investing the money in three programs through CT Home Funds that will be administered by Capital for Change and the Housing Development Fund.
The three programs include:
- The Connecticut Home Improvement Program: Administered by Capital for Change and seeded with $8.5 million, it will provide low-interest loans to homeowners for energy improvements and related housing code repairs that make homes more energy efficient.
- The Time to Own–Rehabilitation Program: Also administered by Capital for Change, this program is seeded with $10 million to help new homeowners — who received assistance under the state’s Time To Own Program — with forgivable loans to pay for the costs of repairs and improvements on their new homes.
- The Homeownership Construction Program: Administered by both Capital for Change and the Housing Development Fund, the program has been seeded with $11.5 million to 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 affordable homes. The new homes will be income-restricted long-term to eventually allow the household to build equity and sell in the future, officials said.
“We are creating these programs to help current and future homeowners with the costs of making necessary home improvement projects, including those that make homes more energy efficient,” Lamont said.
The state Department of Housing is reserving $2 million of this funding for a pilot program that will be based in Hartford and for which the city is providing an additional $2 million in matching funds.
“These investments are a game-changer for Hartford,” Mayor Arunan Arulampalam said. “Homeownership is one of the most powerful tools we have to build wealth, stabilize neighborhoods, and strengthen our city’s future.”
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