PA 12-24—sHB 5225
AN ACT CONCERNING SECURITY DEPOSITS OF SENIOR CITIZENS AND PERSONS WITH DISABILITIES IN PUBLIC HOUSING
SUMMARY: This act lowers the annual interest rate that housing authorities, community housing authorities, and other corporations must pay on security deposits made by senior citizens and individuals with disabilities living in public housing.
Prior law required housing authorities and other corporations to pay an annual rate of 5. 25%. Starting January 1, 2013, the act instead requires them to pay at least the average savings deposit interest rate paid by insured commercial banks as published in the Federal Reserve Board Bulletin in November of the prior year (i. e. , deposit index). (The deposit index for calendar year 2012 is 0. 16%. )
By law, housing authorities and other corporations must return security deposits to these tenants after they have lived in the housing for at least one year.
EFFECTIVE DATE: October 1, 2012
OLR Tracking: KS: JO: JSL: DY