Substitute Senate Bill No. 283, Public Act No. 24-66, amends the Emergency Mortgage Assistance Program in Connecticut, with changes effective from October 1, 2024. The bill revises definitions and eligibility criteria, such as redefining "Aggregate family income" to include the income of all adult persons residing with the homeowner, excluding dependents, and removing the condition that the homeowner's total debt service should not exceed sixty percent of aggregate family income at the time of hardship. It also clarifies the definition of "Residential real property" and outlines the application process for homeowners seeking assistance, including the requirement for full disclosure of assets and liabilities, and the prohibition of foreclosure judgment entry during the eligibility determination period.

The bill modifies the payment process, allowing the authority to make emergency mortgage assistance payments in various forms and capping the total assistance at the equivalent of sixty months of payments. It specifies the conditions under which homeowners make payments to the authority during the assistance period, ensuring that the homeowner's total housing expense does not exceed 45% of their aggregate family income. Additionally, the bill provides for the possibility of the assistance payments exceeding the homeowner's payments to the authority to be considered a loan, subject to repayment with interest, and outlines the procedures for periodic review and potential repayment of the emergency mortgage or lien assistance payments. The CHFA is also given the authority to recover assistance if a homeowner fails to repay and to adopt procedures for notifying eligible homeowners and mortgagees or lienholders of applications received.

Statutes affected:
Raised Bill: 8-265cc, 8-265ff, 8-265hh, 8-265ii
BA Joint Favorable Substitute: 8-265cc, 8-265ff, 8-265hh, 8-265ii
File No. 161: 8-265cc, 8-265ff, 8-265hh, 8-265ii
Public Act No. 24-66: 8-265cc, 8-265ff, 8-265hh, 8-265ii