CT HB06492

Municipalities may purchase real property subject to an affordable housing application within 120 days of the application being filed, paying the purchaser's original price plus a 5% surcharge

Municipalities exercising this option must submit a plan to build at least 70% of the proposed affordable housing units within 8 years of purchase

Failure to complete the affordable housing units within 8 years triggers ongoing penalties of 15% of the purchase price annually, split three ways: 5% to the original property purchaser, 5% to the Affordable Housing Program, and 5% to the Housing Trust Fund

Penalties continue until the affordable housing units are complete and occupied

Amends Section 8-30g of the general statutes (Connecticut's affordable housing appeals law)