LCO No. 1995 1 of 2
General Assembly Proposed Bill No. 778
January Session, 2025
LCO No. 1995
Referred to Committee on HOUSING
Introduced by:
SEN. CICARELLA, 34th Dist.
SEN. GORDON, 35th Dist.
AN ACT ESTABLISHING A TAX CREDIT AND AWARDING HOUSING
UNIT-EQUIVALENT POINTS FOR THE CONVERSION OF
COMMERCIAL AND INDUSTRIAL PROPERTIES FOR RESIDENTIAL
USE.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:
That the general statutes be amended to (1) establish a tax credit for 1
owners who convert commercial or industrial buildings into residential 2
or mixed-use developments in an amount equivalent to ten per cent of 3
the qualified conversion expenditures; (2) require that ten per cent of the 4
units in such residential or mixed-use development be affordable 5
housing; and (3) award any municipality one-quarter housing unit-6
equivalent point for each unrestricted dwelling unit created in such 7
residential or mixed-use development for which the municipality issues 8
a certificate of occupancy. 9
Statement of Purpose:
To provide certain tax credits for the conversion of commercial or
industrial buildings into residential or mixed-use developments,
require that ten per cent of such units be affordable housing and award Proposed Bill No. 778
LCO No. 1995 2 of 2
a municipality one-quarter housing unit-equivalent point for each
unrestricted dwelling unit created by such conversion.