CT SB00274

Commissioner of Economic and Community Development must establish the Learn Here, Live Here program to incentivize state college and university graduates to purchase first homes in Connecticut, effective July 1, 2019.

Eligible graduates (from January 1, 2020 forward) with Connecticut adjusted gross income not exceeding $75,000 may have up to $2,500 of annual income tax liability segregated into a first-time homebuyers account, with a maximum of $1 million total segregated statewide annually.

Participants may withdraw segregated funds within 10 years of graduation to use as down payment on their first home purchase in Connecticut.

Participants who leave the state within 5 years of receiving payment must repay a declining percentage of funds (100% if within 1 year, declining to 20% if within 5 years); after 5 years no repayment is required.

Commissioner must file a lien against the participant's property equal to the payment issued, taking precedence over subsequent mortgages and other encumbrances, expiring after 5 years.