The General Assembly Raised Bill No. 5364 seeks to amend Connecticut's laws on affordable housing developments by introducing new definitions and modifying existing requirements. A significant change is the definition of "set-aside development," which mandates that at least thirty percent of dwelling units be sold or rented at prices affordable to families earning thirty percent or less of their annual income. The bill replaces the previous requirement for deed restrictions to last a minimum of forty years with a more flexible "fixed period of time," categorizing developments into "forty-year," "thirty-year," and "twenty-year" set-aside developments. This aims to enhance the accessibility of affordable housing for low and moderate-income families.

Additionally, the bill revises the affordable housing appeals process, particularly regarding moratoriums on applications. It establishes that a moratorium can last four years, or five years for larger municipalities, and introduces provisional approval processes for applications. The bill also defines "elderly units" and "family units," implementing a point system based on income restrictions and deed restriction durations. Points will only be awarded for newly constructed affordable housing units or those newly subjected to deed restrictions after July 1, 1990. The act is set to take effect on October 1, 2026, and aims to create a more flexible framework for affordable housing development while ensuring a significant portion of units remains affordable.