Time To Own Program Reopens with $40 Million in New Funding

Program Continues to Support First-Time Homebuyers in Connecticut

(ROCKY HILL, Conn.) – October 22, 2024. The Connecticut Housing Finance Authority (CHFA) is pleased to announce the reopening of the Time To Own program, made possible by a new allocation of $40 million approved by the State Bond Commission at its October 22 meeting. This forgivable down payment assistance program, which has already helped thousands of first-time homebuyers across Connecticut, is once again available to eligible residents.

“Owning a home is a cornerstone of the American Dream, and programs like Time To Own are making it possible for more Connecticut residents to turn that dream into reality,” said Governor Ned Lamont. “This new round of funding ensures that we can continue to provide the resources needed to help first-time homebuyers access affordable homeownership, build wealth, and invest in our state’s future.”

Since it launched in June 2022, Time To Own has been a critical tool in supporting first-time homebuyers as they navigate the challenges of purchasing a home. By providing forgivable loans for down payments and closing costs, the program has enabled individuals and families to achieve the dream of homeownership, fostering long-term financial stability and contributing to stronger communities.

“The success of the Time To Own program speaks to its necessity in our current housing market,” said Seila Mosquera-Bruno, Commissioner of the Department of Housing. “By making homeownership more attainable, we are not only helping individuals and families achieve stability but also creating more inclusive and vibrant communities across Connecticut.”

With the new funding, Time To Own is expected to support an even greater number of first-time homebuyers in the coming months. Since the program’s launch, Time To Own has helped more than 4,800 homebuyers in 149 towns buy their first home, more than half of whom are people of color. With the new funding allocation, the State of Connecticut has invested $195 million in the program to date.

“Time To Own has already changed the lives of thousands of homebuyers, and we are thrilled to be reopening the program with this additional funding,” said Nandini Natarajan, CEO and Executive Director of CHFA. “This is a crucial step in expanding access to homeownership, particularly for low- and moderate-income residents and people of color. We remain committed to ensuring that as many Connecticut residents as possible can take advantage of this opportunity to secure their futures through homeownership.”

For more information on eligibility and how to apply for Time To Own, 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