An infusion of millions in state bond dollars means the state’s Time To Own down payment assistance program is reopening to new applicants.
The program, run by the Connecticut Housing Finance Authority, got a $40 million allocation approved by the State Bond Commission at its Oct. 22 meeting.
Time To Own makes forgivable loans to homebuyers that they use to pay the up-front costs of home purchases.
To date, the program has helped over 4,800 homebuyers since it launched in June 2022, using $195 million in state funds.
“Owning a home is a cornerstone of the American Dream, and programs like Time To Own are making it possible for more Connecticut residents to turn that dream into reality,” Gov. Ned Lamont said in a statement. “This new round of funding ensures that we can continue to provide the resources needed to help first-time homebuyers access affordable homeownership, build wealth, and invest in our state’s future.”
The move will be especially beneficial to low- and moderate-income buyers, state officials said. A recent Realtor.com analysis showed the typical Connecticut down payment in the third quarter of this year was 110 basis points higher than the same time last year, the third-biggest such increase in the nation at a time when down payment sizes are actually falling in many metro areas around the country.
“Time To Own has already changed the lives of thousands of homebuyers, and we are thrilled to be reopening the program with this additional funding,” said Nandini Natarajan, CEO and Executive Director of CHFA. “This is a crucial step in expanding access to homeownership, particularly for low- and moderate-income residents and people of color. We remain committed to ensuring that as many Connecticut residents as possible can take advantage of this opportunity to secure their futures through homeownership.”