Creates a homeowners' bill of rights; directs the superintendent of financial services to issue a consumer guide on insuring against catastrophic losses.
Creates a homeownership rehabilitation credit; allows a taxpayer to be credited for fifteen percent of the qualified rehabilitation expenses made by such taxpayer with respect to a qualified residence against the tax imposed; defines qualified residence and qualified rehabilitation expenses.
Authorizes the abatement of real property taxes in certain cases of catastrophic loss; establishes procedures therefor; limits eligibility to one, two, or three family houses; applies to all municipal and school taxes.