Senate Bill No. 1422 mandates the Connecticut Housing Finance Authority (CHFA) to update the Connecticut Opportunity Map by January 1, 2026. The updates must include a revised policy that accurately characterizes all areas of the state, utilizing a diverse range of metrics and economic potential to determine each area's opportunity score. The bill specifies that the updated map must reflect these changes in policy, with the new legal language indicating the effective date of July 1, 2025, and the establishment of a new section in the law.

The implementation of this bill is expected to incur a one-time cost of up to $500,000 for CHFA in fiscal year 2026, as the authority will need to contract external services to fulfill the requirements. The bill also includes an insertion regarding the funding mechanism for CHFA, stating that the authority pays its operating expenses from the excess of interest income from loans over bond interest expenses. There are no anticipated municipal impacts associated with this legislation.