The proposed legislation, General Assembly Raised Bill No. 5162, seeks to amend the bond authorization for the Connecticut Housing Finance Authority (CHFA) by allowing funds to be utilized for down payment assistance under the homeownership loan program. Specifically, it modifies subdivision (3) of subsection (c) of section 9 of public act 12-189, as previously amended, to include provisions for capitalizing down payment assistance. The total amount authorized for this purpose is not to exceed $38,000,000.

The bill's effective date is set for July 1, 2026, and it aims to enhance the financial support available for homeownership by expanding the use of existing bond funds. The changes reflect a strategic shift to address housing needs more comprehensively by integrating down payment assistance into the existing framework of emergency mortgage assistance programs.