November 29, 2022

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CT offers $50K to first-time homebuyers as rent hikes loom

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As Connecticut commits $20 million to assist far more folks find the money for their first property — which include in pricier communities — those people who system to rent yet another 12 months are bracing for a sizable month-to-month increase at renewal.

On Monday, Gov. Ned Lamont declared a new, forgivable personal loan plan termed “Time to Own” via which the Connecticut Housing Finance Authority will assist deal with down payments and closing fees for individuals taking part CHFA’s Initially-Time Homebuyer Method. Applicants can qualify for up to $50,000 if they are purchasing a household in what the state dubs “higher opportunity areas” outlined by better colleges and concentrations of greater-paying positions, or $25,000 in cities and towns not meeting individuals criteria.

Information is on the web at www.chfa.org/timetoown or by calling 1-844-281-4663.

“Time to Personal puts greater paying for power in the fingers of prospective homebuyers,” mentioned CHFA CEO Nandini Natarajan, in a Monday push launch. “The method not only arms them with the indicates to obtain their 1st house, but it also gives them larger choice about where by they and their households will increase and prosper.”

The rental sector has been no safe harbor for people today who have gotten priced out of obtaining a dwelling or condominium meeting their requirements. Among the some 50,000 condominium properties nationally tracked by Redfin, the median monthly lease shot previous the $2,000 in Might, a initially.

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