On May 22, CT LEG passed bill re emergency mortgage assistance.
CT LEG passed Bill SB 283 related to the Emergency Mortgage Assistance Program.
Amended Connecticut General StatutesCT LEG 134-8-265 re Connecticut Housing Finance Authority’s (CHFA) Emergency Mortgage Assistance Payment (EMAP) program.
Emergency Mortgage Assistance
Potentially expands eligibility by redefining aggregate household income to consider total income of only adults, removes utility and heating expenses from calculations.
Allows CHFA to use equity as evidence of ability to timely repay mortgage assistance.
CHFA to make lump sum emergency mortgage payments to mortgagees and gives them other flexibility in program payments and repayment terms with homeowners.
CHFA to adopt procedures to set a limit on amount of emergency mortgage assistance payments that homeowner may receive and must post funding availability on website.
CHFA given discretion in how to make payments to mortgagees (lump sum, monthly).
Legislative History
On Feb. 29, 2024, bill introduced in Senate; on Apr. 17, 2024, bill passed in Senate.
On Apr. 19, 2024, bill delivered to House; on May 7, 2024, bill was passed in House.
On May 17, 2024, bill became Public Act 24-66; on May 22, 2024, bill sent to governor.
Effectiveness
If approved, Bill SB 283 becomes effective on Oct. 1, 2024.
May 28, 2024 CT LEG Governor Approval
On May 28, 2024, CT LEG governor approved bill SB 283, assigned Public Act 24-66.
Regulators
CT LEG
Entity Types
Bank; MG Orig; Servicer
Reference
Bill SB283, 5/28/2024; Pub Act 24-66. 5/17/2024; Citation: CT LEG 134-8;
