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Governor Lamont Announces ‘Time to Own’ First-Time Homebuyer Assistance Program Reopens With the Support of $40 Million in Newly Released State Funding [[link removed]]

Posted on October 22, 2024

(HARTFORD, CT) – Governor Ned Lamont, who serves as chairman of the State Bond Commission, today announced that the commission voted at its meeting this morning to approve an allocation of $40 million in state funding that will be used to reopen Connecticut’s popular Time To Own [[link removed]] program to a new round of applicants.

Established by Governor Lamont with the support of the state legislature, Time To Own provides down payment assistance to low and moderate-income, first-time homebuyers in Connecticut. Administered by the Connecticut Housing Finance Authority (CHFA) on behalf of the Connecticut Department of Housing, this program has already helped thousands of people in the state buy their first homes since launching in 2022 [[link removed]].

“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,” Governor Lamont said. “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.”

Time To Own has been a critical tool in supporting first-time homebuyers as they navigate the challenges of purchasing a home. By providing forgivable loans for down payments and closing costs, the program has enabled individuals and families to achieve the dream of homeownership, fostering long-term financial stability and contributing to stronger communities.

“The success of the Time To Own program speaks to its necessity in our current housing market,” Housing Commissioner Seila Mosquera-Bruno said. “By making homeownership more attainable, we are not only helping individuals and families achieve stability but also creating more inclusive and vibrant communities across Connecticut.”

With the new funding, Time To Own is expected to support an even greater number of first-time homebuyers in the coming months. To date, the program has helped more than 4,800 homebuyers in 149 towns buy their first homes, more than half of whom are people of color. With the new funding allocation, Connecticut has invested $195 million in the program.

“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,” CHFA Executive Director Nandini Natarajan said. “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.”

For more information on eligibility and how to apply for Time To Own, visit [[link removed]].

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