CT HB06777

Municipalities not exempt from affordable housing appeals must enact an ordinance by July 1, 2024 to abate property taxes for senior homeowners (age 65+) who place long-term affordable housing deed restrictions on single-family residences, if the owner's income does not exceed 80% of regional median income and the property is affordable to families at 80% of median income.

Tax abatement continues for the duration of the affordable housing deed restriction or until the property is sold, and may be extended to a subsequent owner age 65+ for up to 10 years after the restriction's effective date.

Property owners may revoke affordable housing deed restrictions by paying back all abated taxes plus 50% of the difference between the property's value with and without the restriction, as determined by a licensed appraisal.

Revocation payments to municipalities must be used to construct or acquire additional affordable housing units, or if applicable, to rehabilitate or improve energy efficiency and accessibility of existing municipal affordable housing.

Residential properties qualifying for tax abatement under this section are awarded two points in the affordable housing unit-equivalent points system used for housing appeals.