Connecticut House Bill HB05351

Connecticut 2014 Regular Session

• Introduced: 2/26/14
• Refer: 2/26/14
• Report Pass: 3/11/14
• Refer: 3/21/14
• Report Pass: 3/27/14
• Refer: 4/4/14

Caption

An Act Establishing A Revolving Loan Fund For Payment Of Property Taxes For Elderly Homeowners.

Impact

The implementation of HB 05351 is expected to have a significant impact on state laws regarding property taxes. It will allow the state to provide low-interest loans to elderly homeowners who have fallen behind on their taxes for at least two assessment years. The Secretary of the Office of Policy and Management will administer these loans and impose certain restrictions, such as asset limits, to determine eligibility. In doing so, the bill aims to prevent elderly homeowners from losing their properties due to tax arrears, thereby promoting housing stability for this demographic.

Summary

House Bill 05351 aims to establish a revolving loan fund specifically designed to assist elderly homeowners in paying their property taxes. The bill defines an 'elderly homeowner' as an individual aged 65 or older who has lived in their municipality for at least a decade and meets certain income criteria. By creating this financial support mechanism, the bill seeks to alleviate the financial burdens faced by older residents who may struggle with property tax payments after reaching retirement age.

Sentiment

The sentiment surrounding HB 05351 appears to be generally positive, particularly among advocates for elderly rights and housing stability. Supporters view the bill as a necessary step towards safeguarding the financial well-being of older homeowners who may face economic challenges. Opponents may raise concerns about the potential long-term impacts of incurring debt to cover property taxes, though significant resistance to the bill has not been indicated in the available records.

Contention

While the bill appears to have broad support, it may face scrutiny regarding the sustainability of the revolving loan fund and the conditions imposed on borrowers. Notable points of contention include the financial limits set for loan eligibility and the potential lien that the state will hold on properties as collateral for these loans. Critics may question whether these measures could inadvertently create further financial strain on elderly homeowners rather than providing the intended relief.