Connecticut 2025 Regular Session

Connecticut Senate Bill SB01363 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1
2	2
3	3	LCO No. 4878 1 of 2
4	4
5	5	General Assembly Raised Bill No. 1363
6	6	January Session, 2025
7	7	LCO No. 4878
8	8
9	9
10	10	Referred to Committee on HOUSING
11	11
12	12
13	13	Introduced by:
14	14	(HSG)
15	15
16	16
17	17
18	18
19	19	AN ACT ESTABLISHING A PILOT PROGRAM FOR CERTAIN
20	20	MORTGAGE BORROWERS WITH STUDENT LOAN DEBT.
21	21	Be it enacted by the Senate and House of Representatives in General
22	22	Assembly convened:
23	23
24	24	Section 1. (NEW) (Effective July 1, 2025) (a) The Connecticut Housing 1
25	25	Finance Authority shall, as part of the homeownership loan program 2
26	26	established pursuant to section 8-286 of the general statutes, and within 3
27	27	the resources allocated by the State Bond Commission to the 4
28	28	Department of Housing for the purposes of said program, develop and 5
29	29	administer a pilot program for certain mortgage borrowers with unpaid 6
30	30	student loan debt. Such program shall authorize the authority to 7
31	31	provide a rate reduction to eligible mortgage holders in the amount of 8
32	32	1.125 per cent. 9
33	33	(b) The Connecticut Housing Finance Authority shall establish 10
34	34	guidelines for the program established pursuant to subsection (a) of this 11
35	35	section in the written procedures adopted under section 1-21 of the 12
36	36	general statutes. Such guidelines shall include the eligibility 13
37	37	requirements for program participants and other guidelines as deemed 14
38	38	necessary by the authority. 15
39	39	Raised Bill No. 1363
40	40
41	41
42	42
43	43	LCO No. 4878 2 of 2
44	44
45	45	(c) To be eligible for the program, a borrower shall: 16
46	46	(1) Be a first-time homebuyer or have not owned a home in the past 17
47	47	three years unless purchasing in a targeted area, as defined in Section 18
48	48	143 of the Internal Revenue Code of 1986, or any subsequent 19
49	49	corresponding internal revenue code of the United States, as amended 20
50	50	from time to time, who does not own other real property; 21
51	51	(2) Meet the income guidelines as established by the authority's 22
52	52	income limits based on household size and have a gross income at or 23
53	53	below one hundred per cent of the area median income; 24
54	54	(3) Have a combined student loan debt with at least a fifteen thousand 25
55	55	dollar unpaid principal balance, provided such loan is in good standing 26
56	56	with no past due amounts and may be in repayment or deferment 27
57	57	status; and 28
58	58	(4) Meet other eligibility requirements as deemed necessary by the 29
59	59	authority. 30
60	60	This act shall take effect as follows and shall amend the following
61	61	sections:
62	62
63	63	Section 1 July 1, 2025 New section
64	64
65	65	Statement of Purpose:
66	66	To establish a program, administered by the Connecticut Housing
67	67	Finance Authority, to permit certain eligible borrowers to receive a
68	68	reduction of their mortgage interest rate.
69	69
70	70	[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except
71	71	that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not
72	72	underlined.]
73	73