CT SB01363

Connecticut Housing Finance Authority to develop a pilot program offering a 1.125% mortgage interest rate reduction to eligible borrowers with student loan debt, effective July 1, 2025

Eligible borrowers must be first-time homebuyers or have not owned a home in the past three years (exception for targeted areas under IRC Section 143)

Household gross income must be at or below 100% of area median income based on household size

Borrowers must have combined student loan debt with at least $15,000 unpaid principal balance in good standing, either in repayment or deferment status

Program funded through resources allocated by the State Bond Commission to the Department of Housing for the existing homeownership loan program