AN ACT ESTABLISHING A PILOT PROGRAM FOR CERTAIN MORTGAGE BORROWERS WITH STUDENT LOAN DEBT.

SB 1363 establishes a Connecticut pilot program that allows eligible mortgage borrowers with student loan debt to receive a 1.125% reduction in their mortgage interest rate. To qualify, borrowers must be first-time homebuyers (or not owned a home in the past three years), meet income limits (≤100% of area median income), and have at least $15,000 in unpaid student loan debt in good standing. The Connecticut Housing Finance Authority will administer the program using existing housing funds, with eligibility guidelines to be developed under state procedures. This policy directly affects low-to-moderate-income homeowners burdened by student debt seeking mortgage affordability.