Banks Committee
Appropriations Committee
AN ACT CONCERNING THE EMERGENCY MORTGAGE ASSISTANCE PROGRAM
SUMMARY: This act makes effective upon passage certain provisions of Public Act 09-209, which changes the process for determining eligibility for the Emergency Mortgage Assistance Program (EMAP) by (1) allowing the Connecticut Housing Finance Authority (CHFA) to determine what constitutes a significant reduction in a borrower's income, (2) expanding the circumstances that constitute a financial hardship beyond a borrower's control, and (3) changing some of the conditions for repayment. Public Act 09-209 also allows borrowers to apply for the program before they receive notice of intent to foreclose under certain circumstances and specifies the circumstances under which the lender may proceed with the foreclosure. Most of the provisions were effective July 1, 2009, except for the repayment and conforming provisions, which were effective October 1, 2009.
EFFECTIVE DATE: Upon passage, and applicable to EMAP applications filed on and after July 1, 2008.
OLR Tracking: SC: RP: JL: DF