The General Assembly Raised Bill No. 1362 aims to establish a pilot program focused on creating employment opportunities in the construction industry while developing affordable housing. Effective July 1, 2025, the bill authorizes the State Bond Commission to issue bonds, with proceeds allocated to the Department of Housing for financing approved projects. The bonds will be general obligations of the state, ensuring that the full faith and credit of Connecticut is pledged for their repayment. The bill outlines that temporary notes may be issued in anticipation of the bond sales, and it mandates that the bonds mature within twenty years.

Additionally, the bill requires the Commissioner of Housing to set up a one-year pilot program to fund projects that meet specific criteria, including securing co-investment from union pension funds with a successful track record in affordable housing construction. Projects must also include a project labor agreement and a commitment to workforce training. All housing developed through this program is mandated to remain permanently affordable. A report analyzing the pilot program's effectiveness and recommendations for future legislation is to be submitted to the General Assembly within six months of the program's completion.