CT HB06051

Connecticut Housing Finance Authority shall establish a pilot program in up to three municipalities that received federal Neighborhood Stabilization Program grants to promote homeownership of two to four-family homes.

Program participants must occupy purchased homes as their primary residence for a minimum of seven years, with priority given to first-time homebuyers and current neighborhood residents.

Authority shall identify funding resources for home purchases and repairs, provide landlord training and counseling services, and offer partially forgivable mortgage financing upon completion of the seven-year occupancy requirement.

Authority must establish program parameters by October 1, 2011, designate participating municipalities by January 1, 2012, and submit status reports to the housing committee by February 1, 2012, January 1, 2013, and January 1, 2014.

Authority may contract with nonprofit organizations to administer the program and shall coordinate with local banks, real estate boards, and neighborhood revitalization committees to support program implementation.