Bill Text: CT HB07153 | 2017 | General Assembly | Comm Sub
Bill Title: An Act Concerning Lending For Lead Abatement.
Spectrum: Committee Bill
Status: (Introduced - Dead) 2017-05-10 - Referred by House to Committee on Appropriations [HB07153 Detail]
Download: Connecticut-2017-HB07153-Comm_Sub.html
General Assembly |
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January Session, 2017 |
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AN ACT CONCERNING LENDING FOR LEAD ABATEMENT.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. (NEW) (Effective July 1, 2017) (a) For the purposes of this section:
(1) "Eligible borrower" means the owner of a single-family or multi-family dwelling, who has obtained qualified test results demonstrating that such dwelling contains lead.
(2) "Participating lender" means a bank or credit union that participates in the lead abatement interest rate reduction program established pursuant to this section.
(3) "Qualifying loan" means any loan provided to an eligible borrower for the purpose of abating lead and is (A) issued by a participating lender, (B) subject to such participating lender's applicable underwriting standards, and (C) subject to terms established by the Commissioner of Housing, in consultation with the Department of Public Health.
(b) There is established a lead abatement interest rate reduction program, administered by the Department of Housing, for the purpose of assisting property owners through the utilization of interest rate subsidies when such owners experience difficulty obtaining financing for the abatement of lead due to the high cost of such abatement, failure to meet underwriting criteria, decreased market value of an affected home or personal financial circumstances. The Commissioner of Housing shall seek the participation of banks and credit unions to offer below market rate loans to eligible borrowers and develop additional terms for such loans, in consultation with the Lieutenant Governor and representatives of the banking and credit union industries, not later than thirty days before the program is made available to property owners. The commissioner shall publish such terms and any subsequent amendments to such terms in the Department of Banking news bulletin not later than fifteen days before the program is made available to property owners.
(c) There is established an account to be known as the "lead abatement interest rate reduction account" which shall be a separate, nonlapsing account within the General Fund. The account shall contain any moneys required by law to be deposited in the account. Moneys in the account shall be expended by the Department of Housing for the purpose of providing credit enhancements in the form of interest rate subsidies for qualifying loans made to eligible borrowers, thereby lowering said borrowers' monthly payments.
This act shall take effect as follows and shall amend the following sections: | ||
Section 1 |
July 1, 2017 |
New section |
BA |
Joint Favorable Subst. |