Connecticut Senate Bill SB00181

Connecticut 2019 Regular Session

• Introduced: 1/23/19
• Refer: 1/23/19

Caption

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

Impact

If enacted, SB 181 would amend existing statutes to create a dedicated fund that can be accessed by eligible elderly homeowners in financial distress. This change in law is expected to alleviate the fears of property tax foreclosures among seniors and enable them to manage their housing costs more effectively. By offering loans, the bill aims to give homeowners the opportunity to meet their tax obligations without the immediate pressure of large up-front payments, potentially stabilizing their financial situations and housing security.

Summary

Senate Bill 181 proposes the establishment of a revolving loan fund designed to assist elderly homeowners who may struggle to pay their property taxes. The primary aim of the bill is to provide financial relief to senior citizens who fall behind on their tax payments, helping to prevent potential loss of their homes due to unpaid taxes. By creating this fund, the legislation seeks to address the financial burdens often faced by elderly homeowners, particularly those on fixed incomes who may experience difficulties meeting their tax obligations.

Contention

Notable points of contention regarding SB 181 may arise relating to the financial sustainability of the revolving loan fund and the criteria for eligibility. Questions may be raised about the funding source for the loans and how the state will manage repayments. Critics might express concerns about whether the program could lead to increased financial strain on the state budget if many borrowers default. Additionally, discussions may evolve around the long-term implications for property taxes and the adequacy of assistance provided to ensure that it effectively meets the needs of the elderly community.