CT HB05366

Municipalities may purchase property identified in affordable housing applications within 45 days of filing, paying 102% of the applicant's original purchase price or 102% of assessed fair market value if the property was acquired more than 5 years prior or without consideration.

Municipalities exercising this purchase option must close within 120 days of notice and issue certificates of occupancy for at least 75% of proposed affordable housing units within 8 years of acquisition.

Municipalities failing to meet the 8-year development deadline must pay 5% of the purchase price to both the original applicant and the state Housing Trust Fund.

The affordable housing appeals procedure under Section 8-30g does not apply when a municipality elects to purchase the property under this new right of first refusal provision.

Effective date is October 1, 2026, amending Sections 8-30g and 8-336o(a) of the general statutes.