An Act Establishing A Revolving Loan Fund To Assist Elderly Homeowners.
Impact
The proposed bill will create a separate, nonlapsing account within the General Fund named the 'Elderly Homeowner Property Tax Revolving Loan Fund.' The fund is to be administered by the Secretary of the Office of Policy and Management, with loans provided to eligible elderly homeowners who have fallen behind on property taxes for at least two assessment years. The loans will not exceed the total amount of taxes owed and will bear a prevailing rate of interest, helping homeowners to manage their financial obligations more effectively.
Summary
SB00086 is an act aimed at establishing a revolving loan fund specifically designed to assist elderly homeowners who are struggling with property tax payments. This legislation defines elderly homeowners as individuals aged 65 or older who have lived in the municipality for at least ten years and meet certain income eligibility requirements. This initiative is seen as a measure to provide financial relief to a vulnerable segment of the population, ensuring they can maintain home ownership without the burden of tax arrears.
Contention
While SB00086 aims to support elderly homeowners, there are potential points of contention concerning the implementation of the loan program and its financial sustainability. Concerns may arise regarding the administrative burden on state resources, especially in terms of managing the fund and determining eligibility. Additionally, the prospect of imposing liens on the properties of borrowers could raise issues of fairness and equity among those who are already economically disadvantaged. Discussions on these matters may form a critical part of legislative discourse surrounding the bill.
An Act Concerning Municipal Approvals For Housing Development, Fines For Violations Of Local Ordinances, Regulation Of Short-term Rentals, Rental Assistance Program Administration, Notices Of Rent Increases And The Housing Environmental Improvement Revolving Loan And Grant Fund.
An Act Concerning Motor Vehicle Assessments For Property Taxation, Innovation Banks, The Interest On Certain Tax Underpayments, The Assessment On Insurers, School Building Projects, The South Central Connecticut Regional Water Authority Charter And Certain State Historic Preservation Officer Procedures.