CT SB00889

Removes the word "pilot" from the urban revitalization program, converting it from a pilot program to a permanent program effective October 1, 2015.

Expands the program's focus to facilitate acquisition and renovation of one-to-four family homes in distressed municipalities with priority given to owner-occupancy.

Authorizes the program administrator to leverage diverse public and private funding sources, provide down payment assistance, offer incentives for investor participation, and coordinate foreclosure prevention and rental assistance resources.

Requires participants receiving purchase assistance to occupy the home as their primary residence for at least five years or transfer it to someone who will meet this requirement.

Replaces previous reporting deadlines (February 2013, January 2014, January 2015) with biannual reports to the joint standing committee on housing beginning January 1, 2016.