Proposed Bill No. 6492 seeks to amend section 8-30g of the general statutes to allow municipalities the option to purchase real property that is the subject of an affordable housing application. Specifically, the bill permits a municipality to buy the property within 120 days of the application at the original purchase price plus a 5% surcharge, provided that the municipality submits a plan to construct 70% of the proposed affordable housing units within eight years of the purchase date.

Additionally, the bill outlines penalties for municipalities that fail to complete the construction of the affordable housing units within the specified timeframe. If the municipality does not meet this requirement, it must pay penalties amounting to 5% of the purchase price to the original seller, the Affordable Housing Program, and the Housing Trust Fund until the units are completed and occupied. This legislation aims to facilitate the development of affordable housing by giving municipalities a proactive role in property acquisition related to such applications.