CT HB05783

Amends Connecticut General Statute section 8-30g to grant municipalities a right of first refusal to purchase real property when a set-aside affordable housing development is proposed to their local planning or zoning board.

Municipalities exercising the right of first refusal must pay the developer the original purchase price plus an additional 2% of the purchase price.

Municipalities must complete development of at least 75% of the initially proposed affordable housing units within 8 years of acquiring the property or face a 10% penalty on the purchase price.

Penalty funds are split equally between a state affordable housing fund to be established and the initial proposed developer.