CT HB05158

Amends Connecticut General Statutes section 8-216a(a) to establish that affordable rental housing property values shall be based on the capitalized value of net rental income.

Applies to real property used for housing for low or moderate-income persons or families where rents are limited by regulatory agreement or regulated by federal or state government.

Defines "net rental income" as gross income from the property limited by the schedule of rents or carrying charges, minus reasonable operating expenses and property taxes.

Takes effect October 1, 2024.

Received joint favorable recommendation from the Housing Committee.