Raised Bill No. 184 Summary

• Establishes a workforce housing development program for projects in federally designated opportunity zones, with units designated for local workforce professions (teachers, police, firefighters, etc.) and low-to-moderate income families.

• Eligible workforce housing projects must allocate units as follows: 50% market rate, 40% to designated workforce at rents not exceeding 20% of prevailing area rent, and 10% to low/moderate income families receiving rental assistance.

• Provides tax credits against corporate and other business taxes for cash contributions to eligible projects, with credits issued by the Connecticut Housing Finance Authority; expands total annual tax credit cap from $10 million to $20 million.

• Exempts eligible workforce housing development projects from building permit application fees and requires assessors to use capitalization of net income method based on actual rents received for property valuation.

• Allows 70% property tax exemption for workforce housing development projects for seven full assessment years following completion, with state grants to municipalities equal to 70% of foregone property taxes starting July 1, 2022.