From Renters to Owners: CT’s New Initiative Targets Generational Wealth in Underserved Neighborhoods

In a bold move to address Connecticut’s growing housing affordability crisis and foster long-term community investment, Governor Ned Lamont has announced a $30 million initiative aimed at increasing homeownership and improving energy efficiency in the state’s most underserved neighborhoods. Dubbed the “CT Home Fund,” the program is designed not just to build homes—but to build generational wealth.

At the heart of this initiative is a strategic investment in places like Hartford’s Clay Arsenal neighborhood, where a combination of aging housing stock and absentee ownership has left many residents without pathways to stable homeownership. The plan brings together public funding, nonprofit partnerships, and targeted incentives to uplift communities from the inside out.

A Three-Pronged Investment Strategy

The $30 million package will be divided into three core components:

• $8.5 million in low-interest loans to assist homeowners with critical energy efficiency and code-compliance upgrades.

• $10 million allocated to the "Time to Own" program, which offers forgivable loans to help first-time homebuyers with down payments and closing costs. To date, the program has supported 5,800 new homeowners across Connecticut.

• $11.5 million in grants (up to $150,000 each) for nonprofits and small-scale developers committed to housing rehabilitation and neighborhood revitalization.

This infusion of capital is being welcomed as a much-needed boost, particularly in neighborhoods like Clay Arsenal, where more than 80% of households are renters and many buildings are owned by out-of-state landlords with little stake in the community’s well-being.

A City-Backed Pilot in Hartford

In a collaborative show of support, both the City of Hartford and the State of Connecticut are each investing an additional $2 million into a pilot program focused on Clay Arsenal. Hartford Mayor Arunan Arulampalam highlighted the pilot as a “model for how we build opportunity and wealth in historically overlooked communities.”

“This is one of the most transformative housing investments we’ve seen in recent years,” said Arulampalam. “It’s about giving people the opportunity not just to rent, but to own—and to build something they can pass on.”

Beyond Housing: Equity and Sustainability

State Senator Doug McCrory, who represents the area, applauded the plan but emphasized that it’s only a starting point. “This is a good down payment, but it’s not enough,” McCrory said. “We need sustained investment if we’re serious about addressing the decades of disinvestment in neighborhoods like Clay Arsenal.”

By including funds for energy efficiency upgrades and code compliance, the initiative also speaks to a broader goal: creating safer, more sustainable housing that reduces utility costs and environmental impact for residents.

Tackling Connecticut’s Housing Crisis

The CT Home Fund arrives at a pivotal time. Connecticut is grappling with a historically tight housing market—characterized by low vacancy rates, skyrocketing rents, and increasing homelessness. State lawmakers are concurrently exploring broader reforms, including zoning changes, expanded renter protections, and incentives for transit-oriented development.

Governor Lamont emphasized the urgency of keeping housing locally owned. “Too many of our buildings are owned by investors from out of state. When you own where you live, you care more. You invest more. That’s how we stabilize communities.”

The Path Forward

The success of this initiative could signal a shift in how Connecticut approaches housing—less as a commodity, and more as a cornerstone of community development and equity. For first-time homebuyers, nonprofit developers, and communities looking to reclaim control of their future, the CT Home Fund could represent more than just dollars. It’s a pathway to permanence, stability, and wealth that can last for generations.

If you're interested in purchasing a home, let us help. Contact us below to find out which programs you qualify for. You may be surprised!

Squatters or Tenants? CT Lawmakers Push Controversial Housing Bill

In January 2025, Representative Carol Hall introduced House Bill 6162 to the Connecticut General Assembly. This legislation aims to establish expedited eviction proceedings for the removal of squatters—individuals unlawfully occupying properties without the owner's consent. The bill seeks to provide property owners with a more efficient legal mechanism to reclaim possession of their premises.

Key Provisions of HB 6162:

• Expedited Eviction Process: The bill proposes a streamlined legal procedure for property owners to remove unauthorized occupants, reducing the time and complexity associated with traditional eviction processes.​

Potential Benefits for Property Owners:

1. Timely Repossession: By accelerating the eviction process for squatters, property owners can regain control of their properties more swiftly, minimizing potential losses and property damage.​

2. Cost Efficiency: A faster legal process can lead to reduced legal expenses and court fees, offering financial relief to property owners dealing with unauthorized occupants.​

3. Enhanced Property Rights: The legislation reinforces property owners' rights by providing a clear and efficient legal pathway to address unauthorized occupancy.​

Current Status and Next Steps:

As of March 31, 2025, HB 6162 has been referred to the Joint Committee on Judiciary. The committee is expected to review the bill, possibly hold public hearings, and decide whether to advance it to the full House for consideration. ​

Call to Action for Property Owners:

Property owners and stakeholders are encouraged to stay informed about the progress of HB 6162. Engaging with local representatives to express support or concerns can influence the legislative process. Active participation ensures that the perspectives of property owners are considered as the bill moves through the legislative channels.​

For the latest updates and detailed information on HB 6162, property owners can visit the Connecticut General Assembly's official website. 

DOGE's Office Closures, Contract Cuts, and What They Mean for CT Real Estate

Federal downsizing meets local reality: As government offices scale back in Connecticut, housing markets may feel the ripple effects.

A wave of federal lease cancellations across Connecticut—totaling nearly $1 million—is making waves beyond the political sphere. Part of a broader $115 billion cost-cutting initiative by a newly formed federal office focused on government efficiency, these changes could have meaningful impacts on the local housing landscape.

In cities like Stamford and New London, six federal offices are being vacated, including locations previously occupied by the Environmental Protection Agency and administrative law judges. While these cuts may sound like bureaucratic reshuffling, they could actually open new doors—or close others—for local buyers, sellers, and investors.

📉 Government Exit, Real Estate Opportunity?

The exit of federal tenants from city centers could unlock new potential in underutilized spaces. Office buildings that once housed federal agencies may be repurposed or rezoned for residential, mixed-use, or community development.

For buyers and developers, this could translate into rare investment opportunities in well-located areas—particularly in cities rethinking how they use commercial space post-pandemic. These vacancies might serve as the catalyst for affordable housing projects, multi-family units, or even new neighborhood amenities.

💼 Job Market Shifts = Housing Market Shifts

In addition to the lease cancellations, approximately $176 million in federal contracts with Connecticut-based businesses have been terminated. One of the state’s major contractors is losing nearly $70 million in funding alone.

That kind of economic shift could reverberate through local job markets—especially in regions tied to federal work or support services.

For homebuyers, this could bring both risk and reward: job market uncertainty might affect income stability and lending qualifications, but it could also ease competition and put downward pressure on home prices in certain areas.

🕒 Should Sellers List Sooner Than Later?

For sellers—particularly those near impacted federal sites—this may be a strategic moment to consider listing.

Government tenants often bring a reliable source of activity to surrounding neighborhoods. Their sudden departure could create short-term hesitancy among buyers or limit demand, potentially softening prices. Getting ahead of those ripple effects could help homeowners sell before the market adjusts.

🔍 Bottom Line

Federal cost-cutting may seem like a faraway issue, but its effects can show up right in our neighborhoods—in the form of vacant buildings, shifting demand, and emerging real estate opportunities.

Whether you're buying, selling, or simply watching the market, these changes are worth tracking. Because when the public sector steps back, it often creates space for something new to move in—and smart players in the housing market will be ready.

Contact us below to find out how you can make the current political and economic climate work for you.