Connecticut Senate Bill SB00271

Connecticut 2021 Regular Session

• Introduced: 1/25/21
• Refer: 1/25/21

Caption

An Act Establishing A Revolving Loan Fund To Help Elderly Homeowners To Pay Their Property Taxes.

Impact

Should SB00271 be enacted, it would amend existing laws related to property taxes, introducing a new financial mechanism to aid the elderly. The establishment of a revolving loan fund signifies a proactive approach by the state to address the economic challenges faced by older residents. This fund would not only alleviate immediate financial pressures but also help maintain housing stability for elderly homeowners, which is critical for their well-being and independence.

Summary

SB00271, proposed by Senator Kelly, aims to establish a revolving loan fund specifically designed to assist elderly homeowners struggling to pay their property taxes. This initiative is intended to provide financial relief to a vulnerable demographic that often faces fixed incomes and rising living costs, making tax payments increasingly burdensome. By facilitating access to loans, the bill hopes to prevent these homeowners from falling into tax delinquency, thereby ensuring they can remain in their homes and maintain financial stability.

Contention

Discussion around SB00271 could involve points of contention regarding the funding source for the revolving loan fund, its administrative oversight, and the criteria for eligibility. Critics might express concerns about the potential for increased state debt or the implications of loans on individuals who may already be financially vulnerable. Moreover, there could be debates on whether the proposed assistance programs adequately address the broader issues associated with property tax burdens in the state, especially amid fluctuating economic conditions.