Connecticut General Statutes 8-286e – Affordability incentive zones
The Connecticut Housing Finance Authority may establish affordability incentive zones under the homeownership loan program established pursuant to sections 8-283 to 8-289, inclusive, to incentivize the purchase of dwellings situated in municipalities not exempt from the affordable housing appeals procedure under subsection (k) of section 8-30g. The authority may expand access to the program in such zones by utilizing lending guidelines that are different from the guidelines for the purchase of a dwelling not situated in such zones, which may include increasing eligibility limits with respect to the purchase price of the dwelling or the maximum loan amount, or by reducing the rate of interest of the loan. If the authority establishes an affordability incentive zone under this section, any municipality that is not (1) exempt from the affordable housing appeals procedure under subsection (k) of section 8-30g, and (2) designated as an affordability incentive zone may make a request to the authority, in writing, to be considered an affordability incentive zone. The authority may, in its discretion, grant such requests after considering available funding for the program.
Terms Used In Connecticut General Statutes 8-286e
- affordable housing: means housing for which persons and families pay thirty per cent or less of their annual income, where such income is less than or equal to the area median income for the municipality in which such housing is located, as determined by the United States Department of Housing and Urban Development. See Connecticut General Statutes 8-39a
- Authority: means the Connecticut Housing Finance Authority. See Connecticut General Statutes 8-284