An Act Concerning The Learn Here, Live Here Program.
The bill establishes a direct link between education and economic development by potentially retaining skilled graduates within the state. By allowing participants to segregate up to $2,500 of their income tax liability annually for a maximum of ten years, the program aims to make homeownership more accessible to young professionals. This could have positive implications for local communities by increasing home ownership rates, stimulating the housing market, and fostering long-term residents who contribute to the state economy.
SB00102, known as the Learn Here, Live Here Program, is an initiative aimed at encouraging graduates from higher education institutions in Connecticut to purchase homes within the state. The bill mandates the Commissioner of Economic and Community Development to establish this program, which provides financial incentives for graduates from public or independent universities, colleges, health care training schools, or technical education institutions. Eligible graduates may segregate a part of their income tax liability into a dedicated first-time homebuyers account, facilitating the purchase of their first home in Connecticut.
Notably, the bill includes provisions requiring participants to repay a percentage of the segregated funds if they cease to live in Connecticut within five years after receiving payments for their home purchase. This aspect may raise concerns among potential participants about the feasibility of relocation after purchase, thereby affecting the overall attractiveness of the program. Additionally, the bill's funding limits, capping total segregated funds from program participants at one million dollars per year, could raise questions regarding its sustainability and effectiveness in addressing housing affordability on a larger scale.