Senate Bill No. 1422 mandates the Connecticut Housing Finance Authority (CHFA) to update the Connecticut Opportunity Map by January 1, 2026. The bill requires CHFA to revise the underlying policy of the map to ensure it accurately reflects all areas of the state, utilizing a comprehensive range of metrics and economic potential to determine an area's opportunity score. Additionally, the updated map must be published on CHFA's website to reflect these policy changes. The bill will take effect on July 1, 2025, and introduces a new section to 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 funding for CHFA's operations is derived from the excess of interest income from loans over bond interest expenses, which is noted in the bill. There are no anticipated municipal impacts associated with this legislation.