Connecticut Senate Bill SB00156

Connecticut 2018 Regular Session

• Introduced: 2/16/18
• Refer: 2/16/18
• Report Pass: 3/15/18
• Report Pass: 3/26/18

Caption

An Act Establishing A Revolving Loan Fund To Assist Elderly Homeowners.

Impact

The implementation of SB00156 will offer significant support to elderly homeowners who are experiencing financial hardships due to property taxes. This bill is particularly crucial as it addresses a growing concern regarding the financial stability of elderly residents, allowing them access to loans that will enable them to manage their tax obligations without the immediate risk of losing their homes. It seeks to alleviate the financial burden and prevent potential homelessness among seniors who have contributed to their communities for many years.

Summary

SB00156 aims to establish a revolving loan fund to assist elderly homeowners facing difficulties with paying property taxes. It defines 'elderly homeowner' as individuals who are 65 or older, have lived in their municipality for at least ten years, and whose income does not exceed certain statutory limits. The fund will be administered by the Secretary of the Office of Policy and Management, which will use the resource for providing loans marked at prevailing interest rates, primarily benefiting those who have failed to pay property taxes for at least two assessment years.

Sentiment

The overall sentiment surrounding SB00156 appears to be positive. Supporters view it as a necessary measure that provides financial relief to a vulnerable demographic—elderly homeowners who may struggle with fixed incomes and rising property tax assessments. However, there may also be underlying concerns regarding the sustainability and management of the revolving loan fund, as well as its potential long-term implications for state revenue from property taxes.

Contention

Notable points of contention surrounding the bill include the degree of financial assistance that should be offered and the potential impact of state-backed loans on existing property tax revenues. Critics might raise questions about the fund's long-term viability and whether it adequately addresses the root causes of property tax delinquency among seniors. Furthermore, there might be discussions on the conditions that elderly homeowners must meet to qualify for these loans, which some may view as potentially restrictive.