Connecticut Senate Bill SB00337

Connecticut 2017 Regular Session

• Introduced: 1/19/17
• Refer: 1/19/17

Caption

An Act Creating A Property Tax Revolving Loan Fund For Elderly Homeowners.

Impact

Should SB00337 be enacted, it would amend existing statutes within chapter 204a of the general statutes to formally establish this revolving loan fund. This modification has significant implications for state law as it recognizes and addresses the unique challenges faced by elderly homeowners. It positions the state as a supportive entity, providing monetary assistance to a vulnerable demographic that often experiences fixed incomes and increased financial pressure.

Summary

SB00337 proposes the creation of a Property Tax Revolving Loan Fund aimed specifically at assisting elderly homeowners who have fallen behind on their property tax payments for the two previous assessment years. The bill, introduced by Senator Hwang, is particularly intended to address the financial struggles faced by older homeowners, providing them with a much-needed safety net to prevent potential loss of property due to unpaid taxes. By establishing this fund, the bill seeks to alleviate some of the burdens placed on the elderly population, allowing them to maintain their homes despite financial difficulties.

Contention

While the objective of SB00337 is largely seen as beneficial by its proponents, potential points of contention may arise regarding the funding and administration of the revolving loan fund. Questions may be raised about the efficiency of disbursement, eligibility criteria for accessing funds, and how the program will be sustained financially over the long term. Additionally, some stakeholders might argue that the state should explore broader tax relief measures rather than setting up specific funds, thus invoking discussions on fiscal responsibility and the best methods of aiding the elderly population.