CT HB06494

Connecticut Housing Finance Authority must establish guidelines by October 1, 2021 for the homeownership loan program, allowing debt-to-income ratios matching FHA, Fannie Mae, and Freddie Mac standards

Loan applicants may be considered regardless of credit score, and nontraditional credit references such as proof of employment, rental payments, or utility payments are permitted

Affordability incentive zones may be established in municipalities not exempt from affordable housing appeals, with expanded program access through higher purchase price limits, increased maximum loan amounts, or reduced interest rates

Municipalities not already designated as affordability incentive zones may submit written requests to the authority for zone consideration, subject to available funding

CHFA board members and employees may now be covered by blanket position bonds or equivalent insurance products, removing the prior requirement for Attorney General approval of surety bonds