Senate Bill No. 1397 mandates the Connecticut Housing Finance Authority (CHFA) to conduct a study on the status of homeownership loan programs within the state. The bill requires that CHFA submit a report detailing the findings of this study to the joint standing committee of the General Assembly that oversees banking matters by January 15, 2026. The new legal language introduced in this bill includes the establishment of a new section that outlines the study's requirements and reporting timeline.

The bill is expected to have no fiscal impact on the state or municipalities, as the CHFA possesses the necessary expertise to carry out the study without incurring additional costs. The bill was reported favorably by the Banking Committee with a unanimous vote, indicating strong support for the initiative to assess and potentially improve homeownership loan programs in Connecticut.