Bill > SB00576

This bill establishes and expands the Learn Here, Live Here program, which is designed to help recent graduates in Connecticut purchase their first home. The program will now be mandatory (changed from optional) and available to graduates of high schools, public and private colleges, universities, and healthcare training schools who graduate on or after January 1, 2026, and have an annual federal adjusted gross income of $75,000 or less. Participants can have up to $2,500 of their annual income tax liability segregated into a special Connecticut first-time homebuyers account, with a total program cap of $5 million per calendar year (increased from $1 million). After graduation, participants have up to ten years to apply for a down payment assistance amount equal to their segregated funds. If a participant moves out of Connecticut within five years of receiving the payment, they must repay a sliding percentage of the funds, ranging from 100% if they leave within one year to 20% if they leave within five years. The bill also requires the Commissioner of Economic and Community Development to develop a comprehensive public education program to inform recent graduates about the program, including information on life-time savings plans and home purchasing, which must be implemented by January 1, 2026.

Business and Industry

Commerce Committee (J)

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB00576&which_year=2025