AN ACT ESTABLISHING THE HOMES FOR CT LOAN PROGRAM.

HB 6992 establishes the "Homes for CT Loan Program" to support new residential construction in Connecticut. The program, administered by the Connecticut Housing Finance Authority, guarantees loans from participating banks and credit unions to developers of new residential buildings. It allows higher loan-to-value ratios than standard underwriting and provides additional subordinate loans from the Authority to eligible borrowers. The program caps total funding at $100 million, after which no new loans can be added, and requires participating lenders to report loans to the Authority within one business day. This directly affects new residential developers and participating financial institutions in Connecticut.