SB3925 amends the Home Equity Assurance Act to establish various loan and rebate programs for homeowners.
SB3925 amends the Home Equity Assurance Act to create programs for homeowners. It allows governing commissions to establish a rebate program for flood damage, providing up to 50% reimbursement, not exceeding $1,000. The program lasts three years unless reapproved. It also allows for a Foreclosure Prevention Loan Fund, a Low Interest Home Improvement Loan Program, and a Delinquent Tax Repayment Loan Fund, each with specific conditions and limits. The guarantee fund must maintain a balance of at least $3,000,000 and cannot be used by anyone other than the governing commission.
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