General Assembly Raised Bill No. 900, introduced in the January Session of 2023, aims to establish a revolving loan account to assist elderly homeowners. The bill defines an "elderly homeowner" as a property owner who is 65 years or older, has resided in the taxing municipality for at least ten consecutive years, has occupied the property as their primary residence for more than 183 days in at least eight of the last ten years, and has a qualifying income that does not exceed the maximum qualifying income for a tax reduction under section 12-170aa of the general statutes. The bill also specifies that for married homeowners, the qualifying income does not include the Social Security income of a spouse who is a resident in a health care or nursing home facility and receiving Medicaid payments.

The bill establishes a nonlapsing revolving loan account within the General Fund, administered by the Secretary of the Office of Policy and Management, to provide loans to qualified elderly homeowners who are delinquent on property tax payments. The loans will be provided at the prevailing interest rate, and the account will be funded by required deposits, including payments of principal and interest on loans. The bill sets conditions for loan eligibility, including a lack of other encumbrances on the property and the use of the loan to pay delinquent taxes, interest, and fees. It also allows the Secretary to impose asset limits, require proof of loan use, and penalize misuse of funds. If a loan is provided, the state will have a lien on the property with priority over all liens except municipal property tax liens. The bill ensures that receiving a loan does not disqualify homeowners from other benefits and allows the Secretary to adopt regulations for implementation. The act is effective from October 1, 2023.