SB 00049 Summary

• Creates a workforce housing opportunity development program administered by the Department of Housing allowing individuals and entities to receive tax credits for cash contributions to eligible workforce housing projects located in federal opportunity zones, effective July 1, 2021.

• Establishes rental requirements for eligible projects: 50% market-rate units, 40% units rented to designated workforce populations (teachers, police, firefighters, etc.) at no more than 20% of prevailing rent, and 10% units for low-to-moderate income families with rental assistance.

• Limits total tax credits to $5 million annually for individuals and entities with minimum contribution of $250 per person, with credits usable against state income or corporation taxes.

• Exempts eligible workforce housing projects from municipal building permit fees and allows municipalities to exempt such projects from real property taxes for seven assessment years, with state grants compensating municipalities at 70% of foregone tax revenue.

• Directs Connecticut Housing Finance Authority to develop mortgage assistance programs for workforce housing projects and requires Department of Housing to study housing options for apprentices and newly hired employees, reporting by January 1, 2022.