The bill sSB6 File No. 92 is a comprehensive piece of legislation aimed at promoting housing growth and development in Connecticut, with a focus on increasing the availability of affordable housing. The bill establishes the Housing Growth Fund, administered by the Department of Economic and Community Development (DECD), which will provide $50 million annually in grants to municipalities. These grants are based on a "housing growth score" that reflects the number of dwelling units approved for construction, with higher points for certain types of developments, such as those near transit facilities or those that are affordable to low-income families. Municipalities must submit documentation to be eligible for the grants, and the DECD will award them relative to the statewide housing growth score.

Additionally, the bill sets up a tax credit program for the conversion of commercial buildings into residential units, to be established by the Department of Housing (DOH) by January 1, 2025. Owners who make qualified conversion expenditures of at least $15,000 can receive a tax credit voucher worth 10% of their expenses, up to $30,000 per dwelling unit or $50,000 for nonprofits, with an annual cap of $3 million on the total tax credits reserved. The bill also increases real estate conveyance tax rates for non-individual buyers and decreases the sales tax rate for materials used in constructing new residential projects with affordable housing. Other provisions include a study on the impact of landlords accepting advance rental payments, property tax exemptions for certain housing properties, and the expansion of housing authorities' operational areas. The bill has various effective dates, with most provisions starting on October 1, 2024, and includes fiscal impacts such as costs to the DECD and potential revenue gains for municipalities.

Statutes affected:
Committee Bill: 4-66o, 8-39, 8-40, 8-44b, 8-50, 8-45a, 8-389, 8-113a, 8-116d, 8-119h, 8-119l
HSG Joint Favorable Substitute: 4-66o, 8-39, 8-40, 8-44b, 8-50, 8-45a, 8-389, 8-113a, 8-116d, 8-119h, 8-119l
File No. 92: 4-66o, 8-39, 8-40, 8-44b, 8-50, 8-45a, 8-389, 8-113a, 8-116d, 8-119h, 8-119l