Connecticut General Statutes 12-81bb – Municipal option to provide property tax credits for affordable housing deed restrictions
(a) As used in this section:
Terms Used In Connecticut General Statutes 12-81bb
- Deed: The legal instrument used to transfer title in real property from one person to another.
- legislative body: means : (1) As applied to unconsolidated towns, the town meeting. See Connecticut General Statutes 1-1
- Ordinance: means an enactment under the provisions of §. See Connecticut General Statutes 1-1
(1) “Residential property” means a single parcel of property on which is situated a single-family residence or a multi-family building;
(2) “Affordable housing deed restrictions” means deed restrictions filed on the land records of the municipality, containing covenants or restrictions that require such single-family residence or the dwelling units in such multi-family building to be sold or rented only to persons or families whose income is less than or equal to eighty per cent of the area median income or the state median income, whichever is less, and that shall constitute “affordable housing” within the meaning of § 8-39a;
(3) “Long term” means a time period no shorter in duration than the minimum time period for affordability covenants or restrictions in deeds pursuant to subsection (a) of § 8-30g; and
(4) “Binding” means not subject to revocation, either by the owner or a subsequent owner acting unilaterally, or by the owner or a subsequent owner acting jointly with others, until the expiration of the long-term deed restriction time period and enforceable for the duration of the long-term deed restriction time period both by the municipality and by any resident of the municipality.
(b) Any municipality may, by ordinance adopted by its legislative body, provide property tax credits to owners of residential property who place long-term, binding affordable housing deed restrictions on such residential property in accordance with the provisions of this section.