CT SB00434

Connecticut Housing Finance Authority shall establish a housing rehabilitation loan program providing no-interest, deferred payment loans to low-income homeowners for primary residence repairs including roofing, siding, doors/windows, lead paint mitigation, weatherization, and electrical work.

Loans become due and payable upon transfer of the deed to someone other than the applicant's spouse, death of the sole-owner applicant homeowner, or death of a surviving spouse who was listed as an owner on the deed.

Loans shall constitute a lien on the residence and may be recorded in the land records of the town where the residence is located.

Connecticut Housing Finance Authority must adopt written procedures establishing income requirements for eligible homeowners, loan amount limits, loan determination procedures, application and distribution processes, and other implementation requirements.

Act takes effect October 1, 2020.