A bipartisan effort to construct more affordable starter homes across 海角换妻 is being considered by state lawmakers.
Eighty percent of 海角换妻鈥檚 renters can鈥檛 afford to buy a home in the current housing market, according to Jim Perras, Chief Executive Officer of the Home Builders and Remodelers Association of 海角换妻.
The , which incentivizes builders to create more affordable housing, could be an answer to the state鈥檚 housing crisis, according to Perras.
鈥淗ousing affordability is a top reason why professionals are leaving 海角换妻, and we can help change that today,鈥� Perras said. 鈥淗omes for 海角换妻 Loan Program is a fiscally responsible, market driven solution. If passed, it will remove barriers for builders, while ensuring homes remain attainable for 海角换妻 families.鈥�
Homes for CT would offer low-cost financing for home builders to construct single-family starter homes. As of last year, the median priced home in 海角换妻 is about $400,000, according to Alexa Kebalo, president-elect of the 海角换妻 Association of Realtors.
The Homes for CT program has garnered bipartisan support, and is also being endorsed by realtors and home builders.
The houses would be sold to buyers through the 海角换妻 Housing Finance Authority (CHFA), ensuring they鈥檇 be made affordable, according to Democratic State Rep. Jason Doucette, who represents Glastonbury and Manchester.
鈥淭he way it is drafted now is that it would be basically 100% affordable, every unit that is created through this program,鈥� Doucette said. 鈥淔rom an administrative standpoint, there is less work to do for the developers, for the municipalities.鈥�
The program would operate alongside the successful program, which is geared toward increasing construction for affordable multi-family rental properties.
鈥淏uild for CT is just geared towards multi family rental housing. The single family market is a totally different animal,鈥� Doucette said. 鈥淚t will work as a companion program. CHFA would administer both programs.鈥�
CHFA typically sells homes to residents earning up to 120% of the Area Median Income (AMI), and most CHFA homes across the state have a maximum sales price of about $530,000, Doucette said.
Establishment of the program was up for a public hearing in the Banking Committee Thursday, but has not yet gone up for a vote.
The Homes for CT program would help builders save on construction costs and buyers get a reasonably priced starter home, Republican State Rep. Tom Delnicki, of South Windsor, said.
鈥淭hat's what it's all about, the American Dream, the opportunity to be able to live in your own home and to prosper and to have a family and set your roots in 海角换妻,鈥� Delnicki said
