Connecticut 2019 Regular Session

Connecticut Senate Bill SB00805 Compare Versions

Version 1 (Old)

Version 2 (New)

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7	5		General Assembly Raised Bill No. 805
8	6		January Session, 2019
9	7		LCO No. 3664
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12	10		Referred to Committee on AGING
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15	13		Introduced by:
16	14		(AGE)
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20	19		AN ACT ESTABLISHING A REVOLVING LOAN FUND TO ASSIST
21	20		ELDERLY HOMEOWNERS.
22	21		Be it enacted by the Senate and House of Representatives in General
23	22		Assembly convened:
24	23
25	24		Section 1. (Effective October 1, 2019) (a) For purposes of this section, 1
26	25		"elderly homeowner" means any owner of real property liable for 2
27	26		property taxes under chapter 203 of the general statutes who (1) is 3
28	27		sixty-five years of age or older on the date of application for a loan 4
29	28		under this section, (2) has resided in the municipality levying such 5
30	29		property taxes for a period of not less than ten years before the date of 6
31	30		such application, and (3) has qualifying income in the tax year 7
32	31		immediately preceding the date of application for a loan under this 8
33	32		section that does not exceed the income limits set forth in section 12-9
34	33		170aa of the general statutes, as adjusted annually. 10
35	34		(b) There is established a revolving loan fund to be known as the 11
36	35		"Elderly Homeowner Property Tax Revolving Loan Fund" which shall 12
37	36		be a separate nonlapsing account within the General Fund. The fund 13
38	37		shall contain any moneys required by law to be deposited in the fund, 14
39		-	including, but not limited to, payments of principal and interest on 15
40		-	loans made from the fund. The fund shall be administered by the 16 Raised Bill No. 805
	38	+	including, but not limited to, payments of principal and interest on 15 Raised Bill No. 805
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	44	+	loans made from the fund. The fund shall be administered by the 16
47	45		Secretary of the Office of Policy and Management. Investment earnings 17
48	46		credited to the fund shall become part of the assets of the fund. Any 18
49	47		balance remaining in the fund at the end of any fiscal year shall be 19
50	48		carried forward in the fund for the fiscal year next succeeding. 20
51	49		Payments of principal or interest on a loan made pursuant to this 21
52	50		section shall be paid to the State Treasurer for deposit in the fund. The 22
53	51		fund shall be used to make loans at the prevailing rate of interest 23
54	52		pursuant to subsection (c) of this section, and to pay reasonable and 24
55	53		necessary expenses incurred by the secretary in administering loans 25
56	54		under this section. 26
57	55		(c) (1) Notwithstanding section 12-172 of the general statutes, the 27
58	56		state, acting through and in the discretion of the Secretary of the Office 28
59	57		of Policy and Management and within available appropriations, may 29
60	58		provide loans to elderly homeowners who apply, on a form prescribed 30
61	59		by the secretary, provided (A) the elderly homeowner has failed to pay 31
62	60		taxes levied against the elderly homeowner's property under chapter 32
63	61		203 of the general statutes for not less than the two assessment years 33
64	62		preceding the date of application for a loan under this section, (B) the 34
65	63		real property subject to tax is not otherwise encumbered, and (C) the 35
66	64		principal amount of such loan does not exceed the amount of taxes 36
67	65		levied against the real property. The secretary may impose asset limits 37
68	66		as a condition of eligibility for loans provided pursuant to this section. 38
69	67		(2) If the state provides a loan under this section, the Secretary of the 39
70	68		Office of Policy and Management shall have a lien on the real property 40
71	69		subject to taxes in the amount of such loan, plus interest at the 41
72	70		prevailing rate of interest. Such lien shall have priority over all other 42
73	71		liens on such real property except a municipal property tax lien. 43
74	72		(3) Any financial assistance provided under this section shall not 44
75	73		disqualify the elderly homeowner from receiving benefits for which 45
76	74		such elderly homeowner is eligible under the provisions of section 12-46
77		-	129b, 12-129c, 12-129n or 12-170aa of the general statutes. 47
78		-	(d) The Secretary of the Office of Policy and Management may 48 Raised Bill No. 805
	75	+	129b, 12-129c, 12-129n or 12-170aa of the general statutes. 47 Raised Bill No. 805
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	81	+	(d) The Secretary of the Office of Policy and Management may 48
85	82		adopt regulations, in accordance with the provisions of chapter 54 of 49
86	83		the general statutes, to specify application procedures and priorities 50
87	84		for providing low-cost loans pursuant to this section. 51
88	85		This act shall take effect as follows and shall amend the following
89	86		sections:
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91	88		Section 1 October 1, 2019 New section
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93		-	AGE Joint Favorable
	90	+	Statement of Purpose:
	91	+	To assist financially distressed elderly homeowners.
	92	+	[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline,
	93	+	except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is
	94	+	not underlined.]
94	95