CT State Bond Commission Approves $25 Million for Time To Own Program
Funding Will Help More First-Time Homebuyers Access Down Payment Assistance
ROCKY HILL, Conn. — August 4, 2025. The Connecticut Housing Finance Authority (CHFA) announced last Friday that the State Bond Commission has approved a new $25 million allocation for the Time To Own program, reinforcing the state’s ongoing commitment to expanding homeownership opportunities for Connecticut residents. CHFA administers the program on behalf of the Connecticut Department of Housing (DOH).
Time To Own is a forgivable down payment assistance program designed to help first-time homebuyers overcome one of the biggest barriers to homeownership: upfront costs. The program provides eligible borrowers with financial assistance for down payment and closing costs, helping them build stability, equity, and long-term wealth.
“With this funding approval, we’re making it possible for even more Connecticut families to become homeowners,” said Governor Ned Lamont. “Programs like Time To Own are essential to ensuring that our residents – especially those historically left out of the housing market – have the resources and support they need to thrive in our communities.”
Since its launch in June 2022, Time To Own has helped more than 6,500 borrowers purchase their first home in 152 towns across Connecticut. Half of all borrowers identify as people of color, reflecting the program’s impact in promoting equitable access to homeownership.
“Time To Own has already helped thousands of longtime Connecticut residents cross the threshold into homeownership,” said Connecticut Housing Commissioner Seila Mosquera-Bruno. “This additional funding enables us to continue meeting demand and advancing housing equity, ensuring more families have the opportunity to purchase their first home and build a more secure future.”
To date, the State of Connecticut has committed $255 million to the Time To Own program. With this new allocation, CHFA and its partners will continue to meet strong demand and ensure that the path to homeownership remains within reach for low- and moderate-income residents.
“The continued investment in Time To Own reflects our collective commitment to housing opportunity and economic inclusion,” said Nandini Natarajan, CEO and Executive Director of CHFA. “This program is helping more residents move to homeownership, creating pathways to financial stability and building stronger communities across the state.”
Program performance highlights are available on CHFA’s Time To Own dashboard, which offers real-time insights into the program’s reach and results. www.chfa.org/about-us/time-to-own-tto-dashboard/
For more information on eligibility and how to apply for the Time To Own program, visit: www.chfa.org/TimeToOwn.
About Connecticut Housing Finance Authority
The Connecticut Housing Finance Authority (CHFA) is a self-funded, quasi-public organization dedicated to alleviating housing shortages for low- and moderate-income families and individuals in Connecticut. By providing innovative financing solutions and fostering partnerships, CHFA strengthens communities and promotes economic development throughout the state.
Media Contact:
Name: Marcus Smith
Tel: 860-716-7400
Email: marcus.smith@chfa.org
