One of the questions I hear most often from first-time buyers is some version of: “Is there anything that can help me with the down payment?” And for many of the clients I work with in Northeast Connecticut, the answer is yes — but the details matter more than the headline. 

The Connecticut Time to Own program is one of the most meaningful financial tools available to eligible first-time buyers in our state right now. It has the potential to significantly reduce what you need to bring to the closing table, and under the right circumstances, a portion of that assistance may never need to be repaid. But like anything in real estate, the benefits come with conditions, and those conditions follow you long after closing day. 

I want to walk you through how this program actually works — the loan structure, the eligibility requirements, the forgiveness mechanics, and the legal obligations that attach to accepting this kind of assistance. My goal is for you to walk into your purchase with a clear picture of what you’re committing to, not just what you’re receiving. 

What Is the Connecticut Time to Own Program? 

Time to Own is a down payment assistance loan program administered by the Connecticut Housing Finance Authority (CHFA) on behalf of the State of Connecticut Department of Housing. It was created to help income-eligible first-time buyers who have the financial profile to support a mortgage but face a real obstacle when it comes to accumulating the cash required upfront for a down payment and closing costs. 

The program is specifically structured to support buyers in low- and moderate-income households, with particular attention to those seeking homeownership in higher-resourced communities where purchase prices have historically put the market out of reach. 

What sets Time to Own apart from a traditional down payment gift or grant is its structure as a loan — one with a zero percent interest rate, no monthly payments, and a built-in forgiveness schedule that can eliminate the balance entirely over time if program conditions are met. 

How the Assistance Works: The Numbers 

Understanding what Time to Own actually provides — and how it is structured — is essential before deciding whether it fits your purchase. 

Loan Amount 

The maximum amount you can receive depends on where the property is located: 

• Properties in census tracts designated as “high opportunity” or “very high opportunity” on Connecticut’s Opportunity Map: eligible for up to $50,000. 

• All other properties: eligible for up to $25,000. 

The actual loan amount is also influenced by your income relative to the area median income (AMI) for your region: 

• Buyers at or below 80% of AMI may qualify for the full eligible amount based on property location. 

• Buyers between 80% and 100% of AMI may qualify for up to 75% of the eligible amount. 

Eligible Uses 

The Time to Own loan can be applied toward: 

• Up to 20% of the purchase price as a down payment 

• Up to 5% of the purchase price toward closing costs 

Importantly, eligible buyers may also stack the Time to Own loan with CHFA’s existing Down Payment Assistance Program (DAP) loan, which provides additional support toward upfront costs. Used together, these programs can meaningfully reduce — or in some cases nearly eliminate — the cash required to close. 

Loan Structure and Interest Rate 

Time to Own is structured as a 10-year, 0% interest, non-amortizing loan. That means no interest accrues, and no monthly payments are required. The loan sits in a subordinate lien position behind the CHFA first mortgage and any applicable CHFA second mortgage. 

One-tenth of the loan principal is forgiven on each anniversary of your closing date. If you remain in the home as your primary residence and continue to meet program requirements for the full 10 years, the loan is entirely forgiven — at which point there is nothing left to repay. 

Who Is Eligible? 

Time to Own is not available to every buyer, and the eligibility requirements are specific. To qualify, you must: 

• Be a first-time homebuyer — meaning you have not owned a home in the past three years (with limited exceptions for certain targeted areas) 

• Have been a Connecticut resident for at least the past three consecutive years 

• Qualify for and obtain a CHFA first mortgage loan as part of your purchase 

• Meet CHFA’s income limits based on household size and the county where the property is located 

• Complete a CHFA-approved homebuyer education course prior to closing 

• Purchase a property that meets CHFA’s standards — generally single-family homes, condominiums, and planned unit developments 

Income limits are set by CHFA and updated periodically. Because these figures vary by county and household size, I always recommend checking current limits directly with a CHFA-approved lender rather than relying on general estimates. What matters for your specific situation is your household’s gross income compared to the area median income where you’re buying. 

When Is the Assistance Forgiven — and When Is It Not? 

This is the part of the program that deserves the most careful attention, and it’s the conversation I find myself having most often with buyers who are weighing whether Time to Own makes sense for their plans. 

The forgiveness is gradual and conditional. Ten percent of the loan balance is forgiven each year on the anniversary of closing — but only if you continue to meet the program’s requirements during that time. If you sell the home, refinance, or transfer ownership before the loan is fully forgiven, the remaining unforgiven balance will generally need to be repaid. 

This creates a meaningful obligation that you should think through before accepting the assistance: 

• If you purchase a home and sell it in three years, you would owe approximately 70% of the original loan amount at payoff. 

• If you refinance and the new loan does not subordinate or pay off the Time to Own lien, you may be required to address that balance as part of the transaction. 

• If life circumstances change — a job relocation, a growing family, a change in your financial situation — the obligation travels with the property until the balance is cleared. 

None of this means the program is a poor choice. For many buyers, the upfront benefit far outweighs the long-term commitment, especially if they are purchasing a home they intend to stay in. But it does mean that going in with realistic expectations about your plans over the next decade is important. 

Legal and Practical Considerations at Closing 

From my perspective at the closing table, what I want every Time to Own buyer to understand is that this assistance adds a layer of documentation and legal obligation that goes beyond a standard purchase. 

The Time to Own loan is documented through a promissory note and recorded as a lien on the property. During the attorney review period, these documents require close attention. Here is what I typically focus on with clients who are using this program: 

• Resale and refinancing restrictions. The forgiveness terms are tied to your continued occupancy and compliance. Any transaction that affects the lien — sale, refinance, ownership transfer — requires careful coordination to ensure the Time to Own obligation is handled correctly. 

• Primary residence requirement. The property must remain your primary residence throughout the loan term. Renting the property or converting it to a secondary use could affect your compliance with program terms. 

• Lien position and future financing. Because the Time to Own loan sits in a subordinate lien position, future lenders will need to account for it in any refinancing scenario. This is manageable, but requires proactive planning. 

• Interaction with other assistance. If you are also using the CHFA DAP loan or any other down payment assistance, all of those obligations stack and interact. Understanding how they work together is part of what I help clients navigate. 

These are not reasons to avoid the program. They are reasons to approach it with clear eyes and the right legal guidance, so that what is meant to help you does exactly that. 

The Homebuyer Education Requirement 

One aspect of the Time to Own program that I actually appreciate as a practical matter is the required homebuyer education course. CHFA requires all borrowers to complete an approved course before closing, and while it may feel like one more item on an already long to-do list, I have seen it genuinely help buyers walk into the process feeling more prepared. 

These courses cover the basics of the mortgage process, what to expect at closing, how to manage homeownership costs, and how to protect your investment over time. For first-time buyers especially, that foundation can make a real difference when questions come up in the weeks and months after moving in. 

CHFA maintains a list of approved education providers, and the course can often be completed online at your own pace. I recommend completing it early in the process rather than treating it as a last-minute requirement. 

Is Time to Own the Right Fit for You? 

The honest answer is: it depends on your plans. 

For buyers who intend to stay in their home for the long term, are purchasing in a high-opportunity area where the full $50,000 benefit is available, and have the income profile that aligns with CHFA’s requirements, Time to Own can be a genuinely powerful tool. The combination of zero-interest financing and graduated forgiveness is difficult to match elsewhere. 

For buyers who anticipate relocating within a few years, who are purchasing a home they may want to refinance in the near future, or who are not sure yet about their long-term plans, the program is still worth exploring — but the conversation needs to include a candid look at what repayment could look like under different scenarios. 

What I always encourage buyers to focus on is not just the benefit at closing, but the full picture of what they’re agreeing to. That’s exactly the kind of conversation I’m here to have. 

How to Move Forward 

If you’re a first-time buyer in Connecticut and you’re wondering whether Time to Own could work for your purchase, here are the practical next steps: 

• Connect with a CHFA-approved lender early in the process to determine whether you meet the income and eligibility requirements. CHFA does not lend directly to buyers — the program is accessed through approved lenders who are experienced with the process. 

• Check the Connecticut Opportunity Map to see whether the area where you’re considering purchasing qualifies for the higher $50,000 benefit. This can meaningfully affect the program’s value for your specific situation. 

• Complete your homebuyer education course sooner rather than later, so it’s not a last-minute item on your closing checklist. 

• Reach out to my office as early as possible so we can review the program documents together, talk through the long-term obligations, and make sure your closing goes smoothly. 

The more lead time we have before closing, the better positioned we are to catch anything that needs attention and make sure you’re protected. 

Let’s Talk Through Your Options 

Navigating down payment assistance programs alongside a first mortgage, a property search, and everything else that comes with buying a home can feel like a lot to manage at once. My job is to help you cut through the complexity and make confident, informed decisions. 

Whether you’re just beginning to explore Time to Own or you’re already under contract and need legal guidance before closing, I’m here to help you work through it. 

Contact my office at 860-928-2429 or visit KateCerroneLaw.com to schedule a consultation.

When I first started practicing law, my father taught me that being an attorney means more than just representing clients—it means being a pillar in your community. Today I’m honored to continue that tradition of service. I love the Northeast Connecticut community, and I love the strong business partnerships and sense of service that permeates it. To be an active part of this community means being a person and professional who enjoys giving back. Here’s how I’m embracing that call to service as president of the Putnam Business Association (PBA), and what other business owners should know about this amazing organization. 

Leading the Putnam Business Association into 2025 

I’m deeply humbled to have been elected President of the Putnam Business Association (PBA), taking the helm from Attorney Thomas Borner, who has provided exceptional leadership over the past two years. Alongside our newly elected Vice President Sheila Frost of The Courthouse Bar and Grille, and Secretary Laura Jones of Smoke & Mirrors Beauty Loft, I’m excited to be guiding our 210+ member organization through another year of growth and collaboration. 

The PBA isn’t just about networking—it’s about strengthening Putnam’s economic foundation through collaboration and shared goals. Our partnerships with Mayor Barney Seney, his capable department heads, and the Putnam Police Department demonstrate the power of collaboration between private enterprise and public service. 

Building Stronger Business Communities 

Throughout the year, the PBA hosts more than 10 events, including ribbon cuttings and special community projects. These aren’t just business functions; they’re opportunities to celebrate local entrepreneurs, welcome new businesses to our area, and strengthen the bonds that make Northeast Connecticut such a special place to live and work. 

What excites me most is the impact we have: supporting local businesses while creating a more connected community. When businesses succeed, the entire community benefits through job growth, expanded services, and increased civic engagement. 

Why Community Involvement Matters for Business Owners 

Understanding the Challenges Entrepreneurs Face: As both an attorney and a business owner, I understand the unique challenges entrepreneurs face in our region. My involvement in organizations like the PBA goes beyond networking—it’s about creating an environment where businesses can thrive while contributing to the greater good. 

Creating a Supportive Business Environment: Through the PBA, we advocate for business-friendly policies, support local charities, and create a network where business owners help each other during difficult times. 

Building a Stronger, More Resilient Community: When businesses thrive, the entire community benefits. PBA’s initiatives focus on fostering mutual support among business owners, leading to job growth, expanded services, and greater civic engagement. 

Building Genuine Relationships: My commitment to community service is grounded in building real, collaborative relationships. I aim to understand the needs of the community and address them through legal practice and personal involvement. 

Beyond Formal Organizations: I actively participate in local events and fundraisers, and provide legal guidance to neighbors, ensuring that my involvement remains accessible and impactful within the community. 

The Northeast Connecticut Advantage 

Strength of Our Community: Northeast Connecticut combines small-town values with entrepreneurial spirit, creating opportunities for impactful partnerships that drive positive change. 

PBA’s Growth and Success: The recent growth of the PBA highlights the power of collaboration between business owners, legal professionals, and residents, demonstrating how working together can drive meaningful benefits for the entire region. 

Looking Ahead: Building on Strong Foundations 

As I step into this leadership role, I’m committed to building upon the strong foundation established by previous PBA presidents and the dedicated volunteers who continue to serve our organization. Our goals for 2025 include expanding member benefits, enhancing our community outreach efforts, and continuing to foster the collaborative relationships that make our region thrive. 

For local business owners who aren’t yet part of the PBA community, I encourage you to learn more about membership benefits and how you can become part of our thriving business community. Visit www.putnambusiness.org to discover how we can support your business growth while making a positive impact together. 

Join Me in Making a Difference 

Community service isn’t a solo endeavor—it’s most effective when we work together toward common goals. If you’re a business owner in Northeast Connecticut, I invite you to consider how you might contribute to our collective success through organizations like the PBA or other community groups.  Together, we can continue making Northeast Connecticut a place where businesses thrive; families prosper, and communities flourish. I’m grateful for the opportunity to serve and look forward to the positive changes we can create together in 2025 and beyond. 

Interested in learning more about how I can support your business or real estate legal needs? Contact my office today to schedule a consultation. 

Disclaimer: The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established. 

PUTNAM and KILLINGLY, CT (January 7, 2025) – The Connecticut Judicial Branch has appointed Attorney Kate Cerrone of The Northeast Law Center to serve as Magistrate for the Superior Court Judicial Branch for the 2025 calendar year.

In this role, Attorney Cerrone will preside over small claims matters, as well as criminal infractions and violations trials, pursuant to Connecticut General Statutes Sections 51-193t and 51-193u. Magistrates are tasked with conducting proceedings both in person and through remote technology, ensuring accessible and efficient resolution of cases for Connecticut residents. 

“I am deeply honored to accept this appointment and view it as an extension of my commitment to serving our community through the legal system. My legal practice of handling real estate closings, business transactions and advising clients will continue alongside this role. I am looking forward to the new opportunity, which aligns with my mission to support and improve the lives of others through the law,” said Attorney Kate Cerrone.

Attorney Kate Cerrone brings both deep legal expertise and a commitment to understanding each case’s human impact to her new role. As a partner at The Northeast Law Center, she has built her practice on the foundations of personal connection, steadfast commitment to clients, and unwavering integrity. Her appointment reflects not only her comprehensive knowledge of the law but also her dedication to improving the lives of others through the legal system. 

About Magistrates in Connecticut 

Magistrates are appointed by the Chief Court Administrator to assist in managing the caseload of the Superior Court. They play a critical role in adjudicating small claims disputes, motor vehicle infractions, and other violations. Eligibility for appointment requires active membership in the Connecticut Bar for at least five years, along with a demonstrated ability to preside with fairness and efficiency. 

As part of her new responsibilities, Attorney Cerrone will ensure that cases are handled with the highest standards of judicial conduct, reflecting the core principles of Connecticut’s Superior Court system. 

About Kate Cerrone 

Attorney Kate Cerrone has established herself as a leading real estate and business law attorney in Northeast Connecticut, known for combining exceptional legal expertise with genuine personal connection. Her practice philosophy centers on understanding each client’s unique situation, fostering collaboration, and maintaining an unwavering commitment to ethical practice. 

Through The Northeast Law Center, she has built a practice dedicated to improving the lives of individuals, businesses, and the greater community through comprehensive legal services. This new appointment further demonstrates her commitment to serving Northeast Connecticut and upholding the highest standards of legal practice. 

Growing up in a suburb of Pittsburgh, Pennsylvania, the law was more than just a profession in our household—it was a way of life. As the daughter of a local attorney, I had a front-row seat to the intricate ties between legal practice and human connection. My father’s home office was where I first witnessed the power of empathy and understanding in resolving complex legal matters.

I vividly remember clients arriving at our door, nervous and uncertain. They’d sit at our kitchen table, pouring out their concerns to my father. It wasn’t just about contracts and clauses; it was about dreams, livelihoods, and futures. Watching my father navigate these conversations with compassion and commitment, I realized that law wasn’t just about statutes and precedents—it was about people.

This early exposure sparked a flame within me. I knew I wanted to follow in my father’s footsteps, not just as a lawyer, but as someone who could make a tangible difference in people’s lives. With this goal in mind, I embarked on my journey to follow in his footsteps and become a lawyer myself.

My undergraduate years at the University of Notre Dame, where I earned a BA in Psychology, laid a crucial foundation. Understanding human behavior and motivation has proven invaluable in my legal career, especially when dealing with the nuanced aspects of business and real estate law. Law school at Pace University was where my passion truly emerged. Graduating Magna Cum Laude was more than an academic achievement—for me, it was a testament to the fact that I had chosen the right profession for me, and I was prepared to serve my clients well.

As I transitioned from the classroom to the courtroom and my own legal practice, I carried with me not just knowledge of the law, but a deep-seated commitment to service. Like my father, I started my practice from home, balancing my professional aspirations with my desire to have a family. I found myself sitting at clients’ kitchen tables, just as my father had done, working to understand their needs and aspirations.

Over the past 24 years, I’ve had the privilege of handling a wide array of cases, from complex business entity disputes to intricate land use litigation. Each case has been a learning experience, reinforcing my belief that effective legal representation is built on a foundation of trust, understanding, and unwavering dedication.

Today, as a partner at The Northeast Law Center, I specialize in real estate and business law. My practice encompasses everything from entity formation and lease negotiations to landlord/tenant issues and real estate transactions. But regardless of the specific legal matter, my approach remains rooted in the lessons I learned at my father’s kitchen table—that behind every legal issue is a person with hopes, fears, and dreams.

This perspective drives my commitment to fostering genuine relationships with my clients. I strive to see through their eyes, appreciating the full context of their situations to provide truly helpful guidance. It’s not just about winning cases; it’s about improving lives and strengthening our community.

My journey from those early days observing my father to becoming a leading real estate and business law attorney in Northeast Connecticut has been marked by hard work, continuous learning, and an unwavering commitment to my clients. I’ve learned that the practice of law is indeed a service industry first and foremost, one where personal connection and deep legal knowledge go hand in hand.

As I look to the future, my vision is clear: to continue providing the best possible experience and outcomes for my clients through impeccable service built on personal connection, steadfast commitment, strong collaboration, and unwavering integrity.

If you’re facing real estate or business law challenges in Northeast Connecticut, I invite you to experience the difference that personalized, collaborative legal counsel can make. Let’s sit down, perhaps even at your kitchen table, and work together to protect your interests and achieve your goals. Get in touch today at 860-928-2429 or kcerrone@nectlaw.com to discuss how we can work together.