The proposed Bill No. 6492 aims 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, municipalities would have 120 days from the date of the application to buy the property at the original purchase price plus a 5% surcharge, provided they submit a plan to construct 70% of the proposed affordable housing units within eight years.

Additionally, the bill outlines penalties for municipalities that fail to complete the construction of the affordable housing units within the specified timeframe. These penalties include payments of 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 is designed to incentivize municipalities to actively participate in the development of affordable housing.