Raised Bill No. 160 Summary

• Commissioner of Economic and Community Development must establish the Learn Here, Live Here program by October 1, 2025, to provide down payment assistance for first-time homebuyers who are Connecticut graduates

• Program eligible graduates must have annual federal adjusted gross income not exceeding $75,000 and graduated on or after January 1, 2025, from Connecticut public or private high schools, colleges, universities, technical schools, or health care training schools

• Participants may segregate up to $2,500 annually in income tax liability into a first-time homebuyers account over ten years following graduation, with a total program cap of $5 million per calendar year

• Segregated funds can be withdrawn within ten years after graduation to purchase a first home, with repayment requirements decreasing over five years if participant leaves Connecticut (100% if within one year, declining to 0% after five years)

• Commissioner must develop a comprehensive public education program by December 1, 2024, to inform recent graduates about the program, with implementation beginning January 1, 2025