CT HB05224

Establishes an urban revitalization pilot program administered by the Commissioner of Economic and Community Development in consultation with the Connecticut Housing Finance Authority, to be implemented in at least five distressed municipalities.

Program focuses on acquiring and renovating one to four-family homes and promoting owner-occupancy of vacant, deteriorated, foreclosed, bank-owned, or investor-owned properties in targeted neighborhoods.

Program administrator may coordinate financing, down payment assistance, energy efficiency improvements, foreclosure prevention resources, and support services for homebuyers and nonprofit/for-profit property developers.

Homebuyers receiving program assistance must agree to occupy the home as their primary residence for at least five years or transfer it to someone who will; priority given to first-time homebuyers and current neighborhood residents.

Commissioner must establish program parameters by October 1, 2012, designate participating municipalities by January 1, 2013, and submit status reports to the legislature by February 1, 2013, January 1, 2014, and January 1, 2015.