Bill Text: CT SB00156 | 2018 | General Assembly | Comm Sub
Bill Title: An Act Establishing A Revolving Loan Fund To Assist Elderly Homeowners.
Spectrum: Committee Bill
Status: (Introduced - Dead) 2018-03-29 - Favorable Change of Reference, House to Committee on Appropriations [SB00156 Detail]
Download: Connecticut-2018-SB00156-Comm_Sub.html
General Assembly |
Raised Bill No. 156 | ||
February Session, 2018 |
LCO No. 942 | ||
*_____SB00156PD_APP032618____* | |||
Referred to Committee on AGING |
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Introduced by: |
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(AGE) |
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AN ACT ESTABLISHING A REVOLVING LOAN FUND TO ASSIST ELDERLY HOMEOWNERS.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. (NEW) (Effective October 1, 2018) (a) For purposes of this section, "elderly homeowner" means any owner of real property liable for property taxes under chapter 203 of the general statutes who (1) is sixty-five years of age or older on the date of application for a loan under this section, (2) has resided in the municipality levying such property taxes for a period of not less than ten years before the date of such application, and (3) has qualifying income in the tax year immediately preceding the date of application for a loan under this section that does not exceed the income limits set forth in section 12-170aa of the general statutes, as adjusted annually.
(b) There is established a revolving loan fund to be known as the "Elderly Homeowner Property Tax Revolving Loan Fund" which shall be a separate nonlapsing account within the General Fund. The fund shall contain any moneys required by law to be deposited in the fund, including, but not limited to, payments of principal and interest on loans made from the fund. The fund shall be administered by the Secretary of the Office of Policy and Management. Investment earnings credited to the fund shall become part of the assets of the fund. Any balance remaining in the fund at the end of any fiscal year shall be carried forward in the fund for the fiscal year next succeeding. Payments of principal or interest on a loan made pursuant to this section shall be paid to the State Treasurer for deposit in the fund. The fund shall be used to make loans at the prevailing rate of interest pursuant to subsection (c) of this section, and to pay reasonable and necessary expenses incurred by the secretary in administering loans under this section.
(c) (1) Notwithstanding section 12-172 of the general statutes, the state, acting through and in the discretion of the Secretary of the Office of Policy and Management and within available appropriations, may provide loans to elderly homeowners who apply, on a form prescribed by the secretary, provided (A) the elderly homeowner has failed to pay taxes levied against the elderly homeowner's property under chapter 203 of the general statutes for not less than the two assessment years preceding the date of application for a loan under this section, (B) the real property subject to tax is not otherwise encumbered, and (C) the principal amount of such loan does not exceed the amount of taxes levied against the real property. The secretary may impose asset limits as a condition of eligibility for loans provided pursuant to this section.
(2) If the state provides any such loan, the Secretary of the Office of Policy and Management shall have a lien on the real property subject to taxes in the amount of such loan, plus interest at the prevailing rate of interest. Such lien shall have priority over all other liens on such real property except a municipal property tax lien.
(3) Any financial assistance provided under this section shall not disqualify the elderly homeowner from receiving benefits for which such elderly homeowner is eligible under the provisions of section 12-129b, 12-129c, 12-129n or 12-170aa of the general statutes.
(d) The Secretary of the Office of Policy and Management may adopt regulations, in accordance with the provisions of chapter 54 of the general statutes, to specify application procedures and priorities for providing low-cost loans pursuant to this section.
This act shall take effect as follows and shall amend the following sections: | ||
Section 1 |
October 1, 2018 |
New section |
AGE |
Joint Favorable C/R |
PD |
PD |
Joint Favorable C/R |
APP |