Connecticut House Bill HB06697

Connecticut 2015 Regular Session

• Introduced: 2/2/15
• Refer: 2/2/15

Caption

An Act Requiring Certain Financial Disclosures To Be Filed With Any Modification Of An Application To Construct Affordable Housing Based On Economic Viability.

Impact

The bill's primary impact lies in its implementation of a framework for financial accountability in affordable housing projects. By requiring developers to submit evidence of their financial status, the bill enhances the oversight of applications that are modified after original approval. This measure may deter unqualified developers from proposing changes that could jeopardize the viability of affordable housing projects, thereby aiming to protect both the integrity of the housing developments and the interests of the community.

Summary

House Bill 06697 seeks to amend section 8-30g of the general statutes by mandating developers to provide specific financial disclosures when they submit modifications to approved applications for constructing affordable housing. This legislation is designed to ensure that proposals that may substantially affect the viability of affordable housing developments are accompanied by evidence of the developers' financial status. By requiring these disclosures, the bill aims to promote transparency and responsible development practices among developers of affordable housing.

Contention

Some points of contention may arise regarding the confidentiality of the financial disclosures mandated by the bill. The requirement for the commission to hold this information confidential raises questions about transparency and public access to key financial data that could affect community interests. As advocates for affordable housing emphasize the need for developer accountability, critics may argue that maintaining confidentiality might limit scrutiny over developers' financial practices and the potential implications for community welfare.