An Act Concerning The Failure To File For Certain Grand List Exemptions, The Community Housing Land Bank And Land Trust Program And The Tax Revaluation Deadline For The Town Of Orange.
Impact
By facilitating easier access to tax exemptions, the bill aims to support very low, low, and moderate-income families, particularly through nonprofit organizations that manage housing resources. It allows these nonprofits to acquire property using state funds, ensuring such properties are used for affordable housing. The establishment of the Community Housing Land Bank will further assist in coordinating housing needs and community development efforts, providing necessary support to fulfill housing demand while preventing homelessness.
Summary
House Bill 7318 addresses several provisions related to housing and municipal finance, primarily focusing on adjustments to grand list exemptions and establishing the Community Housing Land Bank and Land Trust Program. The bill enables certain individuals in specific towns, such as Danbury and New Britain, to retroactively claim property tax exemptions for which they were eligible but failed to file applications on time. This retroactive allowance is intended to provide relief to property owners and promote equitable tax practices amidst bureaucratic challenges.
Sentiment
The general sentiment surrounding HB 7318 appears positive, especially among advocates for affordable housing who view the bill as beneficial for vulnerable populations. However, there may be skepticism regarding the implementation and management of the Community Housing Land Bank, as stakeholders might worry about how effectively it will operate and whether it will adequately fulfill its mission of addressing housing needs.
Contention
One point of contention that may arise is the management and oversight of the housing programs established by the bill, including who controls the Community Housing Land Bank and how funds will be allocated. Additionally, while the bill facilitates tax exemptions, there may be debates about the long-term fiscal implications for municipal budgets reliant on property tax revenue. These factors could lead to discussions about balancing the needs of affordable housing against the financial sustainability of municipal services.
An Act Concerning The Failure To File For Certain Grand List Exemptions And Authorizing The Deferral Of A Certain Municipality's Real Property Revaluation.
An Act Concerning Consumer Credit, Certain Bank Real Estate Improvements, The Connecticut Uniform Securities Act, Shared Appreciation Agreements, Innovation Banks, The Community Bank And Community Credit Union Program And Technical Revisions To The Banking Statutes.
An Act Concerning Motor Vehicle Assessments For Property Taxation, Innovation Banks, The Interest On Certain Tax Underpayments, The Assessment On Insurers, School Building Projects, The South Central Connecticut Regional Water Authority Charter And Certain State Historic Preservation Officer Procedures.
An Act Concerning The Department Of Economic And Community Development's Recommendations For Revisions To The Jobsct Program And The Commerce And Related Statutes.
An Act Concerning The Creation Of Connecticut Brownfield Land Banks, Certain Lender Responsibility For Releases At Brownfields And Revisions To Brownfield Remediation And Development Programs.
An Act Concerning Economic Development Through Streamlined And Improved Brownfield Remediation Programs, Exempting Certain Airport Conveyances From The Department Of Transportation To The Connecticut Airport Authority From The Hazardous Waste Establishment Transfer Act, And Holding Harmless And Indemnifying The Connecticut Airport Authority And Its Employees And Directors.