Bill > S1969

This bill establishes a comprehensive program for financing residential property improvements, allowing municipalities to participate voluntarily in a system where property owners can obtain financing for specific qualifying improvements through betterment assessments. The improvements eligible for financing include sewerage system upgrades, roof repairs, flood mitigation, energy efficiency upgrades, window and door replacements, renewable energy installations, and water conservation measures. The program requires extensive consumer protections, such as requiring program administrators to verify the property owner's financial standing, provide detailed written disclosures, conduct a recorded phone consultation, and allow a 3-day cancellation period without penalty. Financing agreements are recorded as liens on the property and can be repaid over up to 30 years, with the total assessment limited to 20% of the property's fair market value and annual payments not exceeding 10% of the household income. Contractors must be registered and meet specific licensing and compliance requirements, and the program administrators are required to provide annual reports detailing the number and types of improvements funded. The bill aims to facilitate property improvements by providing an alternative financing mechanism that is tied to the property itself, potentially making it easier for homeowners to invest in significant upgrades and resilience measures.

Budget and Finance

https://malegislature.gov/Bills/194/S1969