HB 6705 — AN ACT AUTHORIZING ADDITIONAL BONDS OF THE STATE FOR THE HOUSING RECEIVERSHIP REVOLVING FUND.

House of Representatives General Assembly RaisedFile Bill No.

6705138 January Session, 2023 LCOHouse Bill No.

43046705 ReferredHouse toof Representatives, March 21, 2023 The Committee on HOUSINGHousing Introducedreported by:through REP.

(HSG)LUXENBERG ANof ACTthe AUTHORIZING12th ADDITIONALDist., BONDSChairperson OFof THEthe STATECommittee FORon THEthe HOUSINGpart RECEIVERSHIPof REVOLVINGthe FUND.House, that the bill ought to pass.

AN ACT AUTHORIZING ADDITIONAL BONDS OF THE STATE FOR THE HOUSING RECEIVERSHIP REVOLVING FUND.

Subsection (a) of section 47a-56k of the general statutes is repealed andthefollowing issubstitutedis substituted inlieuthereof(EffectiveOctober 1, 2023):

LCOHB6705 4304/ \\PRDFS1\HCOUSERS\BARRYJN\WS\2023HB-06705-R011File of 2 HB.docx Bill No.

6705138 This1 actHB6705 shallFile takeNo. effect as follows and shall amend the following sections:

Section138 1This Octoberact 1,shall 2023take 47a-56k(a)effect HSGas Jointfollows Favorableand {\\PRDFS1\HCOUSERS\BARRYJN\WS\2023HB-06705-R01-shall LCOamend 4304the HB.docxfollowing }sections: 2 of 2

Section 1 October 1, 2023 47a-56k(a) HSG Joint Favorable HB6705 / File No.

138 2 HB6705 File No.

138 The following Fiscal Impact Statement and Bill Analysis are prepared for the benefit of the members of the General Assembly, solely for purposes of information, summarization and explanation and do not represent the intent of the General Assembly or either chamber thereof for any purpose.

In general, fiscal impacts are based upon a variety of informational sources, including the analyst’s professional knowledge.

Whenever applicable, agency data is consulted as part of the analysis, however final products do not necessarily reflect an assessment from any specific department.

OFA Fiscal Note State Impact:

Agency Affected Fund-Effect FY 24 $ FY 25 $ Out Years $ Treasurer, Debt GF - Cost See Below See Below 700,000 total Serv.

Note:

GF=General Fund Municipal Impact:

None Explanation The bill authorizes $450,000 in General Obligation bonding for the housing receivership revolving fund, to be administered by the Department of Housing.

To the extent bonds are fully allocated and expended, total debt service is expected to be approximately $700,000 over the 20-year duration of the bonds.

The Out Years The annualized ongoing fiscal impact identified above would continue into the future subject to the terms of any bonds issued.

HB6705 / File No.

138 3 HB6705 File No.

138 OLR Bill Analysis HB 6705 AN ACT AUTHORIZING ADDITIONAL BONDS OF THE STATE FOR THE HOUSING RECEIVERSHIP REVOLVING FUND.

SUMMARY This bill authorizes $450,000 in state general obligation (GO) bonds for the Housing Receivership Revolving Fund.

In practice, the fund is currently inactive.

By law it may, with court approval, be used to meet expenses for certain buildings for which a receiver has been appointed to remedy certain housing violations.

Generally, these include apartment buildings with 20 or fewer units or a mobile manufactured home park (or a space or lot in the park).

As under existing law, the average anticipated expense per dwelling unit or space may not exceed $5,000, and no more than $200,000 from the fund may be spent in any single municipality (CGS §§ 47a-56i & -56k).

EFFECTIVE DATE:

October 1, 2023 COMMITTEE ACTION Housing Committee Joint Favorable Yea 14 Nay 1 (03/02/2023) HB6705 / File No.

138 4