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Lawmakers consider Board of Housing loan program to defer property-tax increases for some seniors
Summary
House Bill 836 would create a property-tax deferral (home-equity loan) program administered by the Montana Board of Housing for homeowners 62 and older who meet income, equity and residency limits; sponsor estimated program needs $5–7 million start-up and expects low default rates.
Representative Scott Rosenzweig (R) presented House Bill 836 as a property-tax deferral program for lower-income seniors and eligible active-duty military, modeled on elements of existing programs and administered by the Montana Board of Housing.
Rosenzweig said eligible borrowers must be at least 62, live in their homes for at least five years, reside in Montana at least seven months a year and hold at least 20 percent home equity. The bill would allow the board to extend a simple,…
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