Aging Committee

JOINT FAVORABLE REPORT

Bill No.:

HB-5282

Title:

AN ACT ESTABLISHING A REVOLVING LOAN FUND TO ASSIST ELDERLY HOMEOWNERS.

Vote Date:

3/8/2016

Vote Action:

Joint Favorable

PH Date:

2/25/2016

File No.:

SPONSORS OF BILL:

Aging Committee

Sen. Kevin C. Kelly, 21st Dist.

REASONS FOR BILL:

To assist elderly homeowners continue to live at home by providing financial relief to those who fall behind on their tax payments.

The bill would establish the Elderly Homeowner Property Tax Revolving Loan Fund and allow the Secretary of the Office of Policy and Management to use the fund to make loans to income-eligible, elderly homeowners who fail to pay property taxes for at least two assessment years.

RESPONSE FROM ADMINISTRATION/AGENCY:

None

NATURE AND SOURCES OF SUPPORT:

Jeff Gentes, Connecticut Fair Housing Center: This bill will help avoid costly foreclosures. However, given the state's budgetary constraints, the Connecticut Fair Housing Center suggests using the state's Emergency Mortgage Assistance Program (EMAP), which offers low-interest loans through the Connecticut Housing Finance Authority. However, seniors with reverse mortgages, and seniors who face foreclosure because of taxes, cannot obtain EMAP right now. The Connecticut Fair Housing Center is working with the Banking Committee to expand EMAP eligibility to help more seniors.

NATURE AND SOURCES OF OPPOSITION:

None

Reported by: Amy Linskey/Robin Bumpen

Date: 3/10/2016