Expanded Assistance for New Homeowners

July 10, 2023


 
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Dear Neighbor,

Great news for first-time homeowners! An additional $20 million has been added to the Connecticut Housing Finance Authority's (CHFA) Time To Own Program. Funding for the program - which offers down payment assistance to low- and moderate-income homebuyers in Connecticut - now stands at $80 million, with over $21.5 million currently available for loan reservations.

Eligibility requirements for the program include:

  • Meeting financial need specifications
  • Qualifying for and receiving a CHFA first mortgage
  • Being a current resident of Connecticut and demonstrating residency for the most recent three years

The impact of this program will reverberate in the short- and long-term for Connecticut residents; not only will there be a new generation of homeowners, but these residents will begin the process of building inter-generational wealth to pass on to the next generation.

Other benefits of the program include:

  • A 0% interest rate with no monthly payment required
  • 10% of the loan balance forgiven annually until it is fully forgiven on the tenth anniversary
  • Financing for up to 20% of a down payment and 5% of closing costs
Click Here to Read More About the Time To Own Program
Part of what makes Connecticut great is that we seek to lift up all residents, regardless of income or background. This program is one more example of that commitment to our community.
 
Open Doors is partnering with the Westport Housing Authority to help individuals find the best residential community for them. Please visit the SMILOW Center, 55 Chestnut Street in Norwalk, for more information and assistance.  
Sincerely,

Dominique Johnson
State Representative
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