Connecticut Senate Bill SB00805

Connecticut 2019 Regular Session

• Introduced: 2/6/19
• Refer: 2/6/19
• Report Pass: 2/26/19
• Refer: 3/1/19
• Report Pass: 3/7/19
• Refer: 5/8/19

Caption

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

Impact

The introduction of SB00805 represents a significant shift in state policy regarding support for elderly homeowners. By facilitating loans to those at risk of losing their homes due to unpaid property taxes, the bill aims to provide a safety net for a vulnerable demographic. This initiative is particularly timely, considering empirical data showing the increasing financial pressures faced by elderly populations. Collectively, lawmakers believe that this bill can alleviate some of these pressures and foster a more stable situation for elderly residents across the state.

Summary

SB00805, known as the Act Establishing a Revolving Loan Fund to Assist Elderly Homeowners, is a legislative proposal aimed at providing financial support to elderly homeowners who are struggling to pay their property taxes. This bill establishes a dedicated revolving loan fund, which is intended to assist elderly individuals aged 65 and over who have faced financial difficulties relating to homeownership. The fund is designed to issue loans to these homeowners at prevailing interest rates, allowing them the opportunity to manage their tax obligations more effectively without facing immediate forfeiture of property.

Sentiment

Overall sentiment around SB00805 has been largely positive among advocates for senior citizens and affordable housing. Proponents argue that the bill fills a critical gap in financial assistance for the elderly, whose fixed incomes often leave them unable to cope with rising property taxes. Conversely, some concerns have been raised about the long-term viability of the revolving loan fund and whether it will adequately meet the demand across the state, reflecting a tense dialogue on resource allocation and state support mechanisms.

Contention

Notable points of contention surrounding SB00805 include discussions on eligibility criteria for loans and the administrative discretion granted to the Secretary of the Office of Policy and Management in managing the revolving fund. While supporters envision this flexibility as necessary to tailor assistance, critics worry it could lead to unequal access or potential mismanagement of funds. The bill also establishes a lien on the property for any loans provided, raising questions about the implications for homeowners regarding asset ownership and financial liability.