Connecticut 2025 Regular Session

Connecticut House Bill HB06992 Compare Versions

Version 1 (Old)

Version 2 (New)

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5		-	General Assembly ~~Substitute~~ Bill No. 6992
	5	+	General Assembly Raised Bill No. 6992
6	6		January Session, 2025
	7	+	LCO No. 5117
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	9	+
	10	+	Referred to Committee on BANKING
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	12	+
	13	+	Introduced by:
	14	+	(BA)
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10	19		AN ACT ESTABLISHING THE HOMES FOR CT LOAN PROGRAM.
11	20		Be it enacted by the Senate and House of Representatives in General
12	21		Assembly convened:
13	22
14	23		Section 1. (NEW) (Effective from passage) As used in this section and 1
15	24		sections 2 to 6, inclusive, of this act: 2
16	25		(1) "Authority" means the Connecticut Housing Finance Authority 3
17	26		created under section 8-244 of the general statutes, as amended by this 4
18	27		act; 5
19	28		(2) "Bank" means a bank or an out-of-state bank, each as defined in 6
20	29		section 36a-2 of the general statutes; 7
21	30		(3) "Credit union" means a Connecticut credit union or a federal 8
22	31		credit union, each as defined in section 36a-2 of the general statutes; 9
23	32		(4) "Department" means the Department of Banking; 10
24	33		(5) "Eligible borrower" means the owner or developer of a new 11
25	34		construction residential building; 12
26	35		(6) "Eligible financial institution" means a bank or credit union that 13
	36	+	Raised Bill No. 6992
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	38	+
	39	+
	40	+	LCO No. 5117 2 of 8
	41	+
27	42		has a physical presence in this state; and 14
28	43		(7) "Residential building" has the same meaning as provided in 15
29		-	section 8-440 of the general statutes. 16 Substitute Bill No. 6992
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31		-
32		-	LCO 5117 2 of 8
33		-
	44	+	section 8-440 of the general statutes. 16
34	45		Sec. 2. (NEW) (Effective from passage) (a) The authority shall 17
35	46		administer a "Homes for CT" loan program to assist eligible borrowers 18
36	47		to obtain funding necessary for the construction of residential buildings 19
37	48		by: (1) Guaranteeing the repayment of loans made by eligible financial 20
38	49		institutions to eligible borrowers, which loans may have loan-to-value 21
39	50		ratios in excess of typical underwriting standards, and (2) providing to 22
40	51		eligible borrowers additional loans that shall be subordinate to the loans 23
41	52		made to such eligible borrowers by eligible financial institutions. Subject 24
42	53		to the cessation of new claim approvals under subsection (d) of section 25
43	54		4 of this act, the authority shall submit all processed claims to the 26
44	55		Comptroller, who shall pay from the General Fund any and all claims 27
45	56		submitted by the authority. 28
46	57		(b) (1) Except as provided in subsection (d) of this section, any eligible 29
47	58		financial institution may participate in the program after providing the 30
48	59		department and the authority with advance written notice of the eligible 31
49	60		financial institution's intention to participate in the program. Such 32
50	61		notice shall be in the form and manner prescribed by the department 33
51	62		and the authority, and shall include contact information for the eligible 34
52	63		financial institution. Nothing in this section shall be construed to 35
53	64		preclude an eligible financial institution that has elected to participate 36
54	65		in the program from issuing loans to eligible borrowers outside of the 37
55	66		program. 38
56	67		(2) An eligible financial institution may suspend its participation in, 39
57	68		or withdraw from, the program five business days after providing 40
58		-	~~advance~~ written notice to the department and the authority specifying 41
	69	+	advanced written notice to the department and the authority specifying 41
59	70		the date on which such suspension or withdrawal becomes effective. 42
60	71		Such withdrawal or suspension shall not affect the eligible financial 43
61	72		institution's ability to submit a guarantee claim on any loan for which 44
	73	+	Raised Bill No. 6992
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	75	+
	76	+
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62	79		the eligible financial institution provided notice to the authority 45
63	80		pursuant to subsection (d) of this section prior to the effective date of 46
64	81		the withdrawal or suspension. 47
65	82		(3) Not later than September 1, 2025, the department and the 48
66		-	authority shall each publish on their Internet web sites a summary of 49 Substitute Bill No. 6992
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68		-
69		-	LCO 5117 3 of 8
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	83	+	authority shall each publish on their Internet web sites a summary of 49
71	84		the program and a list of the eligible financial institutions that have 50
72	85		elected to participate in the program. The list shall be updated from time 51
73	86		to time and shall include the contact information of each participating 52
74	87		eligible financial institution. The department shall also provide 53
75	88		information concerning the program to mortgage servicers licensed 54
76	89		pursuant to section 36a-718 of the general statutes. 55
77	90		(c) (1) The authority may develop, in consultation with 56
78	91		representatives from the banking industry, one or more standard 57
79	92		promissory note and mortgage deed forms that may be used by eligible 58
80	93		financial institutions making loans pursuant to section 3 of this act. 59
81	94		(2) Not later than September 1, 2025, the authority shall develop, in 60
82	95		consultation with representatives from the banking industry, (A) 61
83	96		reasonable standards that an eligible financial institution may rely upon 62
84	97		to demonstrate good faith collection efforts, as described in subsection 63
85	98		(a) of section 4 of this act, and (B) a readily accessible communication 64
86	99		portal by which participating eligible financial institutions may verify 65
87	100		in real time the total dollar amount of loans that have been reported to 66
88	101		the authority pursuant to subsection (d) of this section and the total 67
89	102		dollar amount of claims submitted to the Comptroller pursuant to 68
90	103		subsection (a) of section 4 of this act. 69
91	104		(3) The forms and standards developed pursuant to this subsection 70
92	105		shall, to the maximum extent feasible, be closely aligned with existing 71
93	106		forms, policies and procedures used by eligible financial institutions 72
94	107		participating in the program, but shall not require post-delinquency 73
95	108		collection efforts extending beyond ninety days. 74
96	109		(d) Each eligible financial institution that makes a loan pursuant to 75
	110	+	Raised Bill No. 6992
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97	116		section 3 of this act shall notify the authority, in writing, not later than 76
98	117		one business day after making the loan. Such written notice shall specify 77
99		-	the amount of the loan and any other information about the eligible 78
100		-	borrower and the loan the authority may request. When the total 79
101		-	amount of loans reported to the authority reaches one hundred million 80
102		-	dollars, the authority shall immediately close participation in the 81 Substitute Bill No. 6992
	118	+	the amount of the loan and any other information about the borrower 78
	119	+	and the loan the authority may request. When the total amount of loans 79
	120	+	reported to the authority reaches one hundred million dollars, the 80
	121	+	authority shall immediately close participation in the program and 81
	122	+	notify each eligible financial institution participating in the program. A 82
	123	+	participating eligible financial institution may condition the availability 83
	124	+	of any loan commitment on the availability of the program. 84
	125	+	Sec. 3. (NEW) (Effective from passage) Each eligible financial institution 85
	126	+	that is participating in the program may make loans to an eligible 86
	127	+	borrower, provided: 87
	128	+	(1) The eligible borrower (A) demonstrates to the satisfaction of the 88
	129	+	financial institution and the authority that the proposed development of 89
	130	+	residential buildings meets the criteria for such a development, which 90
	131	+	shall be established by the authority, and (B) shall provide to the 91
	132	+	authority a covenant that the residential buildings, when offered for sale 92
	133	+	to the public, shall be sold only to homebuyers participating in a 93
	134	+	homebuyer loan program administered by the authority. 94
	135	+	(2) The loan shall (A) be secured by a mortgage deed on the eligible 95
	136	+	borrower's residential buildings and all related improvements under 96
	137	+	development by the eligible borrower, (B) be made in accordance with 97
	138	+	the eligible financial institution's underwriting policy and standards, 98
	139	+	except that the loan may have a loan-to-value ratio in excess of typical 99
	140	+	underwriting standards, and (C) bear an interest rate that does not 100
	141	+	exceed the applicable rate of the Federal Home Loan Bank of Boston for 101
	142	+	Amortizing Advances through the New England Fund program. For the 102
	143	+	purposes of this subdivision, "applicable rate" means the New England 103
	144	+	Fund rate that (i) is published on the Internet web site of the Federal 104
	145	+	Home Loan Bank of Boston as of the date the interest rate is locked in 105
	146	+	by the eligible borrower and financial institution, and (ii) has an advance 106
	147	+	term and amortization schedule that most closely corresponds to the 107
	148	+	Raised Bill No. 6992
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106	151
107		-	program and notify each eligible financial institution participating in the 82
108		-	program. A participating eligible financial institution may condition the 83
109		-	availability of any loan commitment on the availability of the program. 84
110		-	Sec. 3. (NEW) (Effective from passage) Each eligible financial institution 85
111		-	that is participating in the program may make loans to an eligible 86
112		-	borrower under the program, provided: 87
113		-	(1) The eligible borrower (A) demonstrates to the satisfaction of the 88
114		-	eligible financial institution and the authority that the proposed 89
115		-	development of residential buildings meets the criteria for such a 90
116		-	development, which criteria shall be established by the authority, and 91
117		-	(B) shall provide to the authority a covenant that the residential 92
118		-	buildings, when offered for sale to the public, shall be sold only to 93
119		-	homebuyers participating in a homebuyer loan program administered 94
120		-	by the authority. 95
121		-	(2) The loan shall (A) be secured by a mortgage deed on the eligible 96
122		-	borrower's residential buildings and all related improvements under 97
123		-	development by the eligible borrower, (B) be made in accordance with 98
124		-	the eligible financial institution's underwriting policy and standards, 99
125		-	except that the loan may have a loan-to-value ratio in excess of typical 100
126		-	underwriting standards, and (C) bear interest at a rate that does not 101
127		-	exceed the applicable rate of the Federal Home Loan Bank of Boston for 102
128		-	Amortizing Advances through the New England Fund program. For the 103
129		-	purposes of this subdivision, "applicable rate" means the New England 104
130		-	Fund rate that (i) is published on the Internet web site of the Federal 105
131		-	Home Loan Bank of Boston as of the date the interest rate is locked in 106
132		-	by the eligible borrower and eligible financial institution, and (ii) has an 107
133		-	advance term and amortization schedule that most closely corresponds 108
134		-	to the term and amortization schedule of the loan being made by the 109
135		-	participating eligible financial institution. 110
136		-	(3) The loan proceeds shall be used by the eligible borrower only for 111
137		-	eligible construction expenses. For the purposes of this subdivision, 112
138		-	"eligible construction expenses" means expenses that are (A) necessary 113 Substitute Bill No. 6992
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	154	+	term and amortization schedule of the loan being made by the 108
	155	+	participating eligible financial institution. 109
	156	+	(3) The loan proceeds shall be used by the borrower only for eligible 110
	157	+	construction expenses. For the purposes of this subdivision, "eligible 111
	158	+	construction expenses" means expenses that are (A) necessary to 112
	159	+	complete the construction of a residential building, or (B) necessary to 113
	160	+	construct any improvements related to a residential building. 114
	161	+	Sec. 4. (NEW) (Effective from passage) (a) An eligible financial 115
	162	+	institution that has made a good faith effort to collect the outstanding 116
	163	+	principal from a loan issued pursuant to section 3 of this act may make 117
	164	+	a claim to the authority for recovery of an amount equal to the 118
	165	+	outstanding principal for such loan. Except as provided in subsection 119
	166	+	(d) of this section, if the eligible financial institution demonstrates to the 120
	167	+	satisfaction of the authority that the eligible financial institution has 121
	168	+	made a good faith effort to collect the outstanding principal from the 122
	169	+	eligible borrower in accordance with the financial institution's loan 123
	170	+	servicing and collection policies, the authority shall process and submit 124
	171	+	the claim to the Comptroller for payment. Upon payment of a claim by 125
	172	+	the Comptroller, and as a condition of such payment, (1) the loan shall 126
	173	+	be assigned to the state, and (2) the authority, as agent for the state, shall 127
	174	+	have the right to continue collection efforts on the loan. Any amount 128
	175	+	necessary for payment by the Comptroller to honor loan guarantees 129
	176	+	under this section shall be deemed appropriated from the General Fund, 130
	177	+	and any funds collected by the authority in accordance with this 131
	178	+	subsection shall be deposited to the General Fund. 132
	179	+	(b) The authority shall maintain records in the regular course of 133
	180	+	administration of the program, including, but not limited to, a record of 134
	181	+	loans issued and of payments made to honor loan guarantees issued 135
	182	+	under this section. 136
	183	+	(c) The authority may terminate any loan guarantee if the financial 137
	184	+	institution misrepresents any information pertaining to the guarantee or 138
	185	+	Raised Bill No. 6992
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143		-	to complete the construction of a residential building, or (B) necessary 114
144		-	to construct any improvements related to a residential building. 115
145		-	Sec. 4. (NEW) (Effective from passage) (a) An eligible financial 116
146		-	institution that has made a good faith effort to collect the outstanding 117
147		-	principal from a loan issued pursuant to section 3 of this act may make 118
148		-	a claim to the authority for recovery of an amount equal to the 119
149		-	outstanding principal for such loan. Except as provided in subsection 120
150		-	(d) of this section, if the eligible financial institution demonstrates to the 121
151		-	satisfaction of the authority that the eligible financial institution has 122
152		-	made a good faith effort to collect the outstanding principal from the 123
153		-	eligible borrower in accordance with the eligible financial institution's 124
154		-	loan servicing and collection policies, the authority shall process and 125
155		-	submit the claim to the Comptroller for payment. Upon payment of a 126
156		-	claim by the Comptroller, and as a condition of such payment, (1) the 127
157		-	loan shall be assigned to the state, and (2) the authority, as agent for the 128
158		-	state, shall have the right to continue collection efforts on the loan. Any 129
159		-	amount necessary for payment by the Comptroller to honor loan 130
160		-	guarantees under this section shall be deemed appropriated from the 131
161		-	General Fund, and any funds collected by the authority in accordance 132
162		-	with this subsection shall be deposited to the General Fund. 133
163		-	(b) The authority shall maintain records in the regular course of 134
164		-	administration of the program, including, but not limited to, a record of 135
165		-	loans issued and of payments made to honor loan guarantees issued 136
166		-	under this section. 137
167		-	(c) The authority may terminate any loan guarantee if the eligible 138
168		-	financial institution misrepresents any information pertaining to the 139
169		-	guarantee or fails to comply with any requirement of this section in 140
170		-	connection with the guarantee of the underlying loan. 141
171		-	(d) The total amount of claims processed by the authority and paid 142
172		-	by the Comptroller to honor loan guarantees under this section shall not 143
173		-	exceed ten million dollars. When the total amount of claims processed 144
174		-	by the authority and paid by the Comptroller reaches ten million 145 Substitute Bill No. 6992
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	191	+	fails to comply with any requirement of this section in connection with 139
	192	+	the guarantee of the underlying loan. 140
	193	+	(d) The total amount of claims processed by the authority and paid 141
	194	+	by the Comptroller to honor loan guarantees under this section shall not 142
	195	+	exceed ten million dollars. When the total amount of claims processed 143
	196	+	by the authority and paid by the Comptroller reaches ten million 144
	197	+	dollars, the authority shall immediately cease to process claims and shall 145
	198	+	notify the Comptroller and each eligible financial institution 146
	199	+	participating in the program that the authority has ceased honoring loan 147
	200	+	guarantees. 148
	201	+	Sec. 5. (NEW) (Effective from passage) The authority may provide to 149
	202	+	eligible borrowers loans in addition to the loans made to such eligible 150
	203	+	borrowers by eligible financial institutions pursuant to section 3 of this 151
	204	+	act. The loans made by the authority shall be subordinate to the loans 152
	205	+	made by eligible financial institutions, and may have debt-to-value 153
	206	+	ratios in excess of typical underwriting standards. 154
	207	+	Sec. 6. (NEW) (Effective from passage) The Comptroller, the authority 155
	208	+	and the department may enter into a memorandum of understanding to 156
	209	+	carry out the provisions of sections 1 to 6, inclusive, of this act. 157
	210	+	Sec. 7. Subsection (a) of section 8-244 of the general statutes is 158
	211	+	repealed and the following is substituted in lieu thereof (Effective from 159
	212	+	passage): 160
	213	+	(a) There is created a body politic and corporate to be known as the 161
	214	+	"Connecticut Housing Finance Authority". Said authority is constituted 162
	215	+	a public instrumentality and political subdivision of this state and the 163
	216	+	exercise by the authority of the powers conferred by this chapter and 164
	217	+	sections 1 to 6, inclusive, of this act shall be deemed and held to be the 165
	218	+	performance of an essential public and governmental function. The 166
	219	+	Connecticut Housing Finance Authority shall not be construed to be a 167
	220	+	department, institution or agency of the state. The board of directors of 168
	221	+	the authority shall consist of sixteen members as follows: (1) The 169
	222	+	Raised Bill No. 6992
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176	224
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179		-	dollars, the authority shall immediately cease to process claims and shall 146
180		-	notify the Comptroller and each eligible financial institution 147
181		-	participating in the program that the authority has ceased honoring loan 148
182		-	guarantees. 149
183		-	Sec. 5. (NEW) (Effective from passage) The authority may provide to 150
184		-	eligible borrowers loans in addition to the loans made to such eligible 151
185		-	borrowers by eligible financial institutions pursuant to section 3 of this 152
186		-	act. The loans made by the authority shall be subordinate to the loans 153
187		-	made by eligible financial institutions, and may have debt-to-value 154
188		-	ratios in excess of typical underwriting standards. 155
189		-	Sec. 6. (NEW) (Effective from passage) The Comptroller, the authority 156
190		-	and the department may enter into a memorandum of understanding to 157
191		-	carry out the provisions of this section and sections 1 to 5, inclusive, of 158
192		-	this act. 159
193		-	Sec. 7. Subsection (a) of section 8-244 of the general statutes is 160
194		-	repealed and the following is substituted in lieu thereof (Effective from 161
195		-	passage): 162
196		-	(a) There is created a body politic and corporate to be known as the 163
197		-	"Connecticut Housing Finance Authority". Said authority is constituted 164
198		-	a public instrumentality and political subdivision of this state and the 165
199		-	exercise by the authority of the powers conferred by this chapter and 166
200		-	sections 1 to 6, inclusive, of this act shall be deemed and held to be the 167
201		-	performance of an essential public and governmental function. The 168
202		-	Connecticut Housing Finance Authority shall not be construed to be a 169
203		-	department, institution or agency of the state. The board of directors of 170
204		-	the authority shall consist of sixteen members as follows: (1) The 171
205		-	Commissioner of Economic and Community Development, the 172
206		-	Commissioner of Housing, the Secretary of the Office of Policy and 173
207		-	Management, the Banking Commissioner and the State Treasurer, ex 174
208		-	officio, or their designees, with the right to vote, (2) seven members to 175
209		-	be appointed by the Governor, and (3) four members appointed as 176
210		-	follows: One by the president pro tempore of the Senate, one by the 177 Substitute Bill No. 6992
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	227	+
	228	+	Commissioner of Economic and Community Development, the 170
	229	+	Commissioner of Housing, the Secretary of the Office of Policy and 171
	230	+	Management, the Banking Commissioner and the State Treasurer, ex 172
	231	+	officio, or their designees, with the right to vote, (2) seven members to 173
	232	+	be appointed by the Governor, and (3) four members appointed as 174
	233	+	follows: One by the president pro tempore of the Senate, one by the 175
	234	+	speaker of the House of Representatives, one by the minority leader of 176
	235	+	the Senate and one by the minority leader of the House of 177
	236	+	Representatives. The member initially appointed by the speaker of the 178
	237	+	House of Representatives shall serve a term of five years; the member 179
	238	+	initially appointed by the president pro tempore of the Senate shall 180
	239	+	serve a term of four years. The members initially appointed by the 181
	240	+	Senate minority leader shall serve a term of three years. The member 182
	241	+	initially appointed by the minority leader of the House of 183
	242	+	Representatives shall serve a term of two years. Thereafter, each 184
	243	+	member appointed by a member of the General Assembly shall serve a 185
	244	+	term of five years. The members appointed by the Governor and the 186
	245	+	members of the General Assembly shall be appointed in accordance 187
	246	+	with section 4-9b and among them be experienced in all aspects of 188
	247	+	housing, including housing design, development, finance, management 189
	248	+	and state and municipal finance, and at least one of whom shall be 190
	249	+	selected from among the officers or employees of the state. At least one 191
	250	+	shall have experience in the provision of housing to very low, low and 192
	251	+	moderate income families. On or before July first, annually, the 193
	252	+	Governor shall appoint a member for a term of five years from said July 194
	253	+	first to succeed the member whose term expires and until such 195
	254	+	member's successor has been appointed, except that in 1974 and 1995 196
	255	+	and quinquennially thereafter, the Governor shall appoint two 197
	256	+	members. The chairperson of the board shall be appointed by the 198
	257	+	Governor. The board shall annually elect one of its appointed members 199
	258	+	as vice-chairperson of the board. Members shall receive no 200
	259	+	compensation for the performance of their duties hereunder but shall be 201
	260	+	reimbursed for necessary expenses incurred in the performance thereof. 202
	261	+	The Governor or appointing member of the General Assembly, as the 203
	262	+	Raised Bill No. 6992
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212	264
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215		-	speaker of the House of Representatives, one by the minority leader of 178
216		-	the Senate and one by the minority leader of the House of 179
217		-	Representatives. The member initially appointed by the speaker of the 180
218		-	House of Representatives shall serve a term of five years; the member 181
219		-	initially appointed by the president pro tempore of the Senate shall 182
220		-	serve a term of four years. The members initially appointed by the 183
221		-	Senate minority leader shall serve a term of three years. The member 184
222		-	initially appointed by the minority leader of the House of 185
223		-	Representatives shall serve a term of two years. Thereafter, each 186
224		-	member appointed by a member of the General Assembly shall serve a 187
225		-	term of five years. The members appointed by the Governor and the 188
226		-	members of the General Assembly shall be appointed in accordance 189
227		-	with section 4-9b and among them be experienced in all aspects of 190
228		-	housing, including housing design, development, finance, management 191
229		-	and state and municipal finance, and at least one of whom shall be 192
230		-	selected from among the officers or employees of the state. At least one 193
231		-	shall have experience in the provision of housing to very low, low and 194
232		-	moderate income families. On or before July first, annually, the 195
233		-	Governor shall appoint a member for a term of five years from said July 196
234		-	first to succeed the member whose term expires and until such 197
235		-	member's successor has been appointed, except that in 1974 and 1995 198
236		-	and quinquennially thereafter, the Governor shall appoint two 199
237		-	members. The chairperson of the board shall be appointed by the 200
238		-	Governor. The board shall annually elect one of its appointed members 201
239		-	as vice-chairperson of the board. Members shall receive no 202
240		-	compensation for the performance of their duties hereunder but shall be 203
241		-	reimbursed for necessary expenses incurred in the performance thereof. 204
242		-	The Governor or appointing member of the General Assembly, as the 205
243		-	case may be, shall fill any vacancy for the unexpired term. A member of 206
244		-	the board shall be eligible for reappointment. Any member of the board 207
245		-	may be removed by the Governor or appointing member of the General 208
246		-	Assembly, as the case may be, for misfeasance, malfeasance or wilful 209
247		-	neglect of duty. Each member of the board before entering upon such 210
248		-	member's duties shall take and subscribe the oath of affirmation 211
249		-	required by article XI, section 1, of the State Constitution. A record of 212 Substitute Bill No. 6992
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253		-
254		-	each such oath shall be filed in the office of the Secretary of the State. 213
255		-	Each ex-officio member may designate such member's deputy or any 214
256		-	member of such member's staff to represent such member at meetings 215
257		-	of the board with full power to act and vote on such member's behalf. 216
	268	+	case may be, shall fill any vacancy for the unexpired term. A member of 204
	269	+	the board shall be eligible for reappointment. Any member of the board 205
	270	+	may be removed by the Governor or appointing member of the General 206
	271	+	Assembly, as the case may be, for misfeasance, malfeasance or wilful 207
	272	+	neglect of duty. Each member of the board before entering upon such 208
	273	+	member's duties shall take and subscribe the oath of affirmation 209
	274	+	required by article XI, section 1, of the State Constitution. A record of 210
	275	+	each such oath shall be filed in the office of the Secretary of the State. 211
	276	+	Each ex-officio member may designate such member's deputy or any 212
	277	+	member of such member's staff to represent such member at meetings 213
	278	+	of the board with full power to act and vote on such member's behalf. 214
258	279		This act shall take effect as follows and shall amend the following
259	280		sections:
260	281
261	282		Section 1 from passage New section
262	283		Sec. 2 from passage New section
263	284		Sec. 3 from passage New section
264	285		Sec. 4 from passage New section
265	286		Sec. 5 from passage New section
266	287		Sec. 6 from passage New section
267	288		Sec. 7 from passage 8-244(a)
268	289
269		-	Statement of Legislative Commissioners:
270		-	In Sections 2(d) and 3(3), "borrower" was changed to "eligible borrower"
271		-	for consistency; in Section 3, "may make loans to an eligible borrower"
272		-	was changed to "may make loans to an eligible borrower under the
273		-	program" for clarity; in Sections 3(1)(A), 3(2)(C)(i) and 4(c), "financial
274		-	institution" was changed to "eligible financial institution" for
275		-	consistency; in Section 3(1)(A), "which shall" was changed to "which
276		-	criteria shall" for clarity; in Section 3(2)(C), "bear an interest rate that"
277		-	was changed to "bear interest at a rate that" for clarity; and in Section
278		-	4(a), "the financial institution's" was changed to "the eligible financial
279		-	institution's" for consistency.
	290	+	Statement of Purpose:
	291	+	To establish the "Homes for CT" loan program to assist eligible
	292	+	borrowers to obtain funding necessary for the construction of residential
	293	+	buildings.
280	294
281		-	BA Joint Favorable
	295	+	[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except
	296	+	that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not
	297	+	underlined.]
282	298