Bill > HB06342

This bill proposes establishing a Housing Development Authority with comprehensive powers to address affordable housing challenges. The Authority would have seven primary functions: first, acquire and develop real estate to create sustainable affordable housing including single and multi-family units with strong tenant protections; second, develop publicly financed, climate-resilient housing protected from market speculation; third, finance real estate acquisition and convey residential property to various entities like public housing authorities, nonprofits, and community land trusts; fourth, implement rent controls by capping unit rents at 25% of a household's adjusted gross income with annual increases limited to 3%; fifth, ensure long-term housing affordability; sixth, enable individuals to purchase homes through shared equity models and provide mortgage borrower relief during economic instability; and seventh, grant tenant groups the first right to purchase their current property. The overarching goal is to create a systematic approach to developing permanent, affordable housing that protects residents from market volatility and provides stable, accessible housing options across different community settings.

Housing and Urban Affairs

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=HB06342&which_year=2025