Proposed Bill No. 6492 aims to amend section 8-30g of the general statutes to grant municipalities the option to purchase real property that is the subject of an affordable housing application. Specifically, the bill allows 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 stipulates 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, 5% to the Affordable Housing Program, and 5% to the Housing Trust Fund until the units are completed and occupied. The proposed changes aim to facilitate the development of affordable housing by enabling municipalities to take proactive steps in acquiring properties for this purpose.