OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

http://www.cga.ct.gov/ofa

HB-5495

AN ACT REMOVING THE SUNSET DATE FOR THE FORECLOSURE MEDIATION PROGRAM.

AMENDMENT

LCO No.: 5598

File Copy No.: 324

House Calendar No.: 220


OFA Fiscal Note

See Fiscal Note Details

The amendment strikes the underlying bill and the associated fiscal impact. The amendment extends the Foreclosure Mediation Program and to FY 23 and results in a cost of approximately $3.6 million annually, beginning in FY 21. While the program is currently scheduled to end in FY 19, there is a minimal fiscal impact in FY 20 as it is anticipated that the program will continue to incur costs while finishing mediations that began in FY 19.

PA 17-2 JSS, the FY 18 & 19 Biennial Budget, appropriated funding of $3,610,565 and 20 positions for each fiscal year.

The preceding Fiscal Impact statement is prepared for the benefit of the members of the General Assembly, solely for the purposes of information, summarization and explanation and does not represent the intent of the General Assembly or either chamber thereof for any purpose. In general, fiscal impacts are based upon a variety of informational sources, including the analyst's professional knowledge. Whenever applicable, agency data is consulted as part of the analysis, however final products do not necessarily reflect an assessment from any specific department.