CT HB06462

Establishes the Rental Housing Revolving Loan Fund to provide low-interest loans to owners of eligible buildings in distressed municipalities for renovations and repairs to meet building codes or safety standards.

Defines eligible buildings as structures with no more than 20 residential units located in distressed municipalities, and eligible costs as expenses to bring buildings into code compliance or rental readiness.

Creates a priority category for owner-occupants of 2-4 unit buildings that may include interest-free loans, deferred payment loans due at sale or transfer, and forgivable loans with principal reduction based on length of owner occupancy.

Authorizes the Commissioner of Economic and Community Development to establish additional priorities based on repair types, building location, owner repayment ability, and useful life extension of the property.

Allows the commissioner to contract with nonprofit corporations to administer the fund, with loan payments and investment earnings returning to the revolving loan fund for future lending.