Connecticut House Bill HB05134

Connecticut 2015 Regular Session

• Introduced: 1/9/15
• Refer: 1/9/15

Caption

An Act Mandating The Establishment Of The Learn Here, Live Here Program.

Impact

If enacted, HB05134 could significantly alter the landscape of housing affordability for recent graduates in Connecticut. By allowing graduates to allocate a portion of their state income tax payments toward savings for a down payment, the program is intended to lower the financial barriers faced by young individuals seeking to purchase their first home. Over a period of up to ten years post-graduation, this initiative could lead to increased home ownership rates among younger populations, ultimately impacting local economies and housing markets positively.

Summary

House Bill 05134 mandates the establishment of the Learn Here, Live Here program, designed to assist students in Connecticut with saving for a down payment on their first home. The bill stipulates that the Commissioner of Economic and Community Development will be required to set up this program, as opposed to merely having the option to do so. This initiative aims to incentivize higher education graduates to remain in the state by providing them with the means to invest in home ownership sooner, thus contributing to community stability and economic growth.

Contention

The bill's supporters believe that the Learn Here, Live Here program is a crucial step in combating the ongoing issue of young graduates leaving the state due to high living costs and housing challenges. However, critics may raise concerns over the long-term implications of using state income tax revenues to fund this saving initiative, arguing it could reduce available funds for other critical services or programs. There may also be discussions regarding how effectively the program can actually incentivize graduates to stay in Connecticut rather than seeking opportunities in other states.