Connecticut General Statutes 47a-22a – Interest payable on security deposits of senior citizens and disabled persons in public housing. Payment of security deposit in installments
(a) Any housing authority, community housing development corporation, or other corporation approved by the Commissioner of Housing for state financial assistance to provide public housing for senior citizens and disabled persons under the provisions of part VI or VII of chapter 128 shall return any security deposit with interest, to any tenant or former tenant at the time the tenancy is terminated in accordance with the provisions of § 47a-21.
Terms Used In Connecticut General Statutes 47a-22a
- Commissioner: means the Banking Commissioner. See Connecticut General Statutes 47a-21
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- month: means a calendar month, and the word "year" means a calendar year, unless otherwise expressed. See Connecticut General Statutes 1-1
- Security deposit: means any advance rental payment, or any installment payment collected pursuant to §. See Connecticut General Statutes 47a-21
- Tenant: means a tenant, as defined in §. See Connecticut General Statutes 47a-21
(b) Any housing authority, community housing development corporation or other corporation approved by the Commissioner of Housing for state financial assistance to provide public housing for senior citizens and disabled persons under the provisions of part VI or VII of chapter 128 shall, pursuant to a written agreement, permit the payment of a security deposit in installments that are reasonable in light of the income of the tenant. Such written agreement shall include the schedule of installment payments and a determination of the tenant’s ability to pay under such a schedule. Such installments shall be payable in equal amounts at approximately equal intervals not exceeding one month over a period of at least twelve months. Interest payable pursuant to § 47a-21 shall not begin to accrue until the security deposit, including all installments due if applicable, has been paid in full. Nothing in this section shall preclude any such housing authority or corporation from waiving the payment of the security deposit, or agreeing to extend the installment payments over a period of more than twelve months.