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Governor Lamont Announces CT Home Funds: A $30 Million Investment to Incentivize and Increase Homeownership Opportunities in Connecticut
(HARTFORD, CT) – Governor Ned Lamont and Connecticut Housing Commissioner Seila Mosquera-Bruno today announced that the Lamont administration and the Connecticut Department of Housing are making a $30 million investment to launch CT Home Funds, a series of three housing programs designed to preserve, incentivize, and increase homeownership opportunities across Connecticut.
“Homeownership is key to stable, healthy communities where people want to live and raise a family,” Governor Lamont 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.”
“We hear constantly from residents and developers that high costs and affordability are a barrier to build, maintain, or purchase homes,” Commissioner Mosquera-Bruno said. “Smaller developers, which oftentimes are locally based, cannot rehabilitate or retrofit a property and then sell at an affordable price. We designed these programs to help our residents now, and in the future, to improve their homes and help developers who want to do the right thing without compromising quality.”
The three programs contained in CT Home Funds – the Connecticut Home Improvement Program, the Time to Own – Rehabilitation Program, and the Homeownership Construction Program – are being administered by Capital for Change and the Housing Development Fund.
Connecticut Home Improvement Program
Administered by Capital for Change, the Connecticut Home Improvement Program is being seeded by $8.5 million, which will be used to provide low-interest loans directly to homeowners to make energy improvements and related housing code repairs that make homes more energy efficient.
Loans for non-energy-related rehabilitation include:
Also administered by Capital for Change, the Time To Own – Rehabilitation Program is being seeded by $10 million that will be used to help new homeowners who received assistance under the state’s Time To Own Program with forgivable loans 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.
Homeownership Construction Program
The Homeownership Construction Program is being seeded by $11.5 million that will be used 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 ten affordable homes. The new homes will be income-restricted long-term to drive stability and eventually allow the household to build equity and sell in the future. Both Capital for Change and the Housing Development Fund will administer these grants.
The Connecticut Department of Housing is reserving $2 million of this funding for a pilot program that will be based in Hartford and in which the City of Hartford is providing an additional $2 million in matching funds.
“These investments are a game-changer for Hartford,” 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. By investing in home rehabilitation and affordable housing development, we’re creating opportunities for Hartford families to live and thrive in the state’s capital city.”
For more information about Capital for Change, visit www.capitalforchange.org/consumer-lending-options, email [email protected], or call 855-656-5500.
For more information about the Housing Development Fund, visit hdfconnects.org/multifamily-developer. First time homebuyers and developers can call 203-969-1830 to be connected to a team member who can assist with next steps.
“Homeownership is key to stable, healthy communities where people want to live and raise a family,” Governor Lamont 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.”
“We hear constantly from residents and developers that high costs and affordability are a barrier to build, maintain, or purchase homes,” Commissioner Mosquera-Bruno said. “Smaller developers, which oftentimes are locally based, cannot rehabilitate or retrofit a property and then sell at an affordable price. We designed these programs to help our residents now, and in the future, to improve their homes and help developers who want to do the right thing without compromising quality.”
The three programs contained in CT Home Funds – the Connecticut Home Improvement Program, the Time to Own – Rehabilitation Program, and the Homeownership Construction Program – are being administered by Capital for Change and the Housing Development Fund.
Connecticut Home Improvement Program
Administered by Capital for Change, the Connecticut Home Improvement Program is being seeded by $8.5 million, which will be used to provide low-interest loans directly to homeowners to make energy improvements and related housing code repairs that make homes more energy efficient.
Loans for non-energy-related rehabilitation include:
- Roof repair/replacement
- Remediation of environmental health hazards, such as septic systems/sewer tie- in, air quality, and other environmental issues that may be deemed an unhealthy living condition
- Minor accessibility rehabilitation and repairs
- Other home improvements, such remodeling bathrooms or kitchen, replacing flooring, etc., will be determined on a case-by-case basis and availability of funding
Also administered by Capital for Change, the Time To Own – Rehabilitation Program is being seeded by $10 million that will be used to help new homeowners who received assistance under the state’s Time To Own Program with forgivable loans 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.
Homeownership Construction Program
The Homeownership Construction Program is being seeded by $11.5 million that will be used 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 ten affordable homes. The new homes will be income-restricted long-term to drive stability and eventually allow the household to build equity and sell in the future. Both Capital for Change and the Housing Development Fund will administer these grants.
The Connecticut Department of Housing is reserving $2 million of this funding for a pilot program that will be based in Hartford and in which the City of Hartford is providing an additional $2 million in matching funds.
“These investments are a game-changer for Hartford,” 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. By investing in home rehabilitation and affordable housing development, we’re creating opportunities for Hartford families to live and thrive in the state’s capital city.”
For more information about Capital for Change, visit www.capitalforchange.org/consumer-lending-options, email [email protected], or call 855-656-5500.
For more information about the Housing Development Fund, visit hdfconnects.org/multifamily-developer. First time homebuyers and developers can call 203-969-1830 to be connected to a team member who can assist with next steps.
