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Lamont’s budget doubles funding for program that assists first-time homebuyers

Governor Ned Lamont and Lt. Governor Susan Bysiewicz with members of the Bridgeport state legislative delegation in front of Maplewood Court, a former school house in the West End of Bridgeport converted to 30 apartment units that were constructed with funding from the Connecticut Housing Finance Authority
Ebong Udoma
/
WSHU
Governor Ned Lamont and Lt. Governor Susan Bysiewicz with members of the Bridgeport state legislative delegation in front of Maplewood Court, a former school house in the West End of Bridgeport converted to 30 apartment units that were constructed with funding from the Connecticut Housing Finance Authority

Governor Ned Lamont is combating Connecticut’s housing crisis by proposing an increase in state funding to help low and moderate-income people become first-time homebuyers.

The state built more market rate and affordable housing last year than any time this century, and Lamont said he would like to keep up the momentum at an event to highlight the proposal in Bridgeport on Thursday.

Lamont’s next two-year budget proposal doubles state funding for affordable housing to $600 million. And $100 million of that money would go to the Time-To-Own program, which offers down payment assistance to low and moderate-income homebuyers.

“It’s a forgivable loan. We want you to be there for a while. I love ownership. I love what it means. You have a stake in your community. Right here, a stake in Bridgeport. It also means a chance to build some wealth,” Lamont said.

Funding for the program is expected to assist in the purchase of about 1,250 homes annually. Lawmakers are currently considering Lamont’s budget proposal.

A budget agreement must be reached before the state legislative session ends in June.

As WSHU Public Radio’s award-winning senior political reporter, Ebong Udoma draws on his extensive tenure to delve deep into state politics during a major election year.