Bill Summary: SB01192

• Establishes a workforce housing opportunity development program administered by the Department of Housing for rental housing projects in federally designated opportunity zones that serve low and moderate-income families and certain workforce professions, with projects required to be transit-oriented developments incorporating renewable energy where feasible.

• Creates two project levels with different rent allocations: Level One projects rent 50% at market rate, 40% to designated workforce populations at capped rates, and 10% to low/moderate-income residents with rental assistance; Level Two projects rent 40% at market rate, 40% to workforce populations, and 20% to assisted low/moderate-income residents.

• Provides tax credits for individuals and entities making cash contributions to eligible developers, with annual caps of $10 million for Level One projects and $11 million for Level Two projects, allowing credits to be carried forward up to five years.

• Exempts eligible workforce housing projects and brownfield remediation projects from building permit fees, allows municipalities to exempt up to 70% of property valuation from real property taxes for seven years, and provides state grants to compensate municipalities for lost tax revenue.

• Converts the brownfield development loan program to a grant program and authorizes the Connecticut Housing Finance Authority to provide mortgage assistance for eligible workforce housing projects, effective October 1, 2023.