CT SB00102

Commissioner of Economic and Community Development shall establish the Learn Here, Live Here program to incentive graduates of Connecticut public or independent higher education institutions, health care training schools, or technical education and career schools to purchase their first home in the state.

Eligible graduates (those graduating on or after January 1, 2014) 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 from all program participants in any calendar year.

Participants may withdraw segregated funds within ten years of graduation to use as a down payment on their first home in Connecticut, with payment amounts equal to their segregated funds or deposited in the General Fund if in excess.

Participants who leave Connecticut within five years after receiving payment must repay a percentage of funds on a declining scale: 100% if within one year, 80% within two years, 60% within three years, 40% within four years, and 20% within five years, with no repayment obligation after five years.

Commissioner shall develop and implement a comprehensive public education program by January 1, 2021 to inform recent graduates about the program, including information on lifetime savings plans and home purchase processes.