Bill
HB 6347
Establishes a state Down Payment Assistance Program, funded with appropriated funds, to help Southeastern Connecticut homebuyers cover down payments.
HB 6347 — Summary
Overview
- Bill Number: HB 6347
- Title: AN ACT ESTABLISHING A DOWN PAYMENT ASSISTANCE PROGRAM AND APPROPRIATING FUNDS FOR SUCH PROGRAM
- Purpose: To create a state program that provides down payment assistance to homebuyers and to appropriate funds to support that program.
- Status: Introduced and referred on 2025-01-23 to the Joint Committee on Housing.
- Subject: Down payment assistance; Southeastern Connecticut; use of State funds.
Purpose and Intent
- The bill aims to establish a formal program within state government to assist potential homebuyers with down payment costs, thereby facilitating homeownership opportunities.
- A geographic focus is indicated by the subject reference to Southeastern Connecticut, suggesting targeted assistance or program design tailored to that region.
Key Provisions (high-level)
- Establishment of a Down Payment Assistance Program: Creates a program intended to provide financial assistance to homebuyers for their down payments.
- Appropriation of Funds: Authorizes an appropriation of state funds to support the program, enabling funding for grants or other forms of down payment assistance.
- Administration and Eligibility (to be defined in the bill text): The specific criteria, eligible applicants, grant amounts, repayment terms (if any), and administrative structure are not detailed in the information provided and would be defined in the enacted text.
- Geographic Targeting: The bill appears to focus on Southeastern Connecticut, potentially guiding eligibility, funding allocation, or program design to that region.
Funding and Fiscal Impact
- The bill would appropriate funds for the program, indicating a direct fiscal commitment from the state.
- Specific dollar amounts, funding sources, allocation methods, and fiscal guardrails (e.g., annual caps, duration of funding) are not included in the provided summary and would be specified in the bill’s text.
Affected Parties and Impacts
- Primary beneficiaries: Potential homebuyers in Southeastern Connecticut seeking assistance with down payments.
- Secondary impacts: Lenders, real estate professionals, and housing agencies that interact with down payment assistance programs; potential effects on the local housing market and regional affordability.
- Government and administration: State housing authorities or relevant agencies would administer and oversee the program, including compliance, reporting, and performance monitoring.
Procedural and Timeline Aspects
- Introduced: January 23, 2025.
- Status: Referred to the Joint Committee on Housing, indicating the bill is in the early legislative stage and has yet to advance to a full House or Senate vote.
- Next steps: Committee hearings, potential amendments, and eventual floor consideration. Timelines depend on committee activity and legislative scheduling.
Notes
- The summary reflects information available in the provided material. The bill’s full text would specify eligibility criteria, grant types, program administration, reporting requirements, and exact funding levels.
Compiled from official sources — confirm details with the bill’s official record.
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