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Business groups and banks back first-time homebuyer savings account with optional employer contributions
Summary
Industry and business groups urged the committee to approve a tax-advantaged first-time homebuyer savings account that would allow employer contributions and could be used for down payment and closing costs; supporters suggested allowing 1-to-4-family multifamily purchases and tying eligibility to CHFA rules.
Representatives of the Connecticut Business & Industry Association and the Connecticut Bankers Association urged the Banking Committee to pass a first-time homebuyer savings account that would provide state tax benefits for savings used toward down payments and closing costs and allow employers to contribute.
"We believe that this is gonna help to solve or address two of Connecticut's major issues impacting our state's economic growth... workforce…
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