CT SB00436

Municipalities may provide real property tax abatements on housing where at least 20 percent of dwelling units are designated for low or moderate-income persons or families.

Tax abatements must be used to reduce rents, improve housing quality and design, achieve occupancy by persons of varying income levels, or provide related facilities and services.

Tax abatement agreements between municipalities and property owners must specify abatement terms and require that savings equal to the abatement amount be applied to stated purposes.

Abatements terminate if the property owner ceases to designate at least 20 percent of dwelling units for low or moderate-income occupancy.

Effective date is October 1, 2014.