CT SB00319

Connecticut Housing Finance Authority shall establish a pilot program to promote homeownership of two to four-family homes in urban neighborhoods, effective July 1, 2010

Program shall be implemented in up to three municipalities that received federal Neighborhood Stabilization Program grants, with priority given to vacant, bank-owned, or investor-owned properties

Participants must agree to occupy purchased homes as primary residences for at least seven years to qualify for partially forgivable mortgage financing

Program shall include support services such as homebuyer counseling, landlord training, financing assistance, and coordination with community stakeholders including local banks and neighborhood organizations

Connecticut Housing Finance Authority must establish program parameters by October 1, 2010, designate participating municipalities by January 1, 2011, and submit status reports to the housing committee on February 1, 2011, January 1, 2012, and January 1, 2013