CT HB06995

Establishes a residential property assessed clean energy (PACE) program administered by the Connecticut Green Bank to finance energy improvements for single-family and multifamily residential dwellings of four or fewer units.

Authorizes the bank to make appropriations and issue bonds to finance energy improvements, related energy audits, and verification reports, with financing potentially secured by benefit assessment liens on qualifying residential properties.

Allows property owners to enter into financing agreements with the bank or third-party capital providers, with benefit assessments levied by participating municipalities having terms not exceeding the lesser of the average estimated useful life of improvements or twenty-five years, with fixed interest rates.

Requires the bank and third-party capital providers to disclose to property owners the costs, risks, and terms of participation, including potential impacts on property sales and mortgage refinancing, with a three business day rescission period.

Establishes that benefit assessment liens are recorded and collected like property tax liens, take precedence over all liens except municipal tax liens, and can be foreclosed or enforced through levy and sale procedures if payments are not made.