Big news from the Connecticut Department of Housing!
This week, Governor Lamont announced $30 million for Connecticut's Housing Development Fund. The fund uses three programs to increase home building and ownership opportunities across the state.
Here's how the $30 million will be used to help families:
The Connecticut Home Improvement Program: $8.5 million
This money will be used to provide low-interest loans directly to homeowners.
The Time to Own – Rehabilitation Program: $10 Million
New homeowners who received assistance under the state’s Time To Own Program with forgivable loans will get this money to help with the costs of repairs and improvements on their new homes. This can include replacing a well or septic tank, a new roof, or improvements to plumbing and electrical systems.
The Homeownership Construction Program $11.5 million
This program will provide loans to smaller developers and nonprofits. Loans of up to $150,000 per home will be given to those organizations to help cover the costs of new construction or rehabilitation of up to ten affordable homes. The new homes that are built or restored with these loans will turn into long-term affordable housing. Something that is desperately needed across the state.
For more details on the new funding, CLICK HERE.