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