CT HB07277

Authorizes municipalities or groups of municipalities to establish land bank authorities as charitable nonstock corporations to acquire, maintain, and dispose of real property within their jurisdictions.

Land bank authority boards consist of 5, 7, 9, or 11 members appointed according to terms set in municipal ordinances, with members serving without compensation but eligible for expense reimbursement.

Grants land bank authorities broad powers to acquire property through gift, purchase, foreclosure or other means; hold, improve, and convey property; borrow money; and issue limited obligation bonds, but prohibits use of eminent domain.

Requires 50% of taxes collected on conveyed property to be remitted to the land bank authority annually for five years beginning October 1st following conveyance.

Exempts all real property and income held by land bank authorities from state and local taxation, and permits dissolution by two-thirds board vote with 60-day notice to municipalities and bondholders.