CT HB07153

Establishes a lead abatement interest rate reduction program administered by the Department of Housing, effective July 1, 2017, to help property owners obtain financing for lead abatement through below-market rate loans from participating banks and credit unions.

Defines eligible borrowers as owners of single-family or multi-family dwellings with qualified test results demonstrating lead presence, and defines qualifying loans as those issued by participating lenders subject to underwriting standards and terms set by the Commissioner of Housing in consultation with the Department of Public Health.

Creates a separate, nonlapsing "lead abatement interest rate reduction account" within the General Fund to provide credit enhancements in the form of interest rate subsidies that lower eligible borrowers' monthly loan payments.

Requires the Commissioner of Housing to consult with the Lieutenant Governor and banking and credit union industry representatives to develop loan terms within 30 days before program launch, and to publish those terms in the Department of Banking news bulletin at least 15 days before the program becomes available.