Bill Text: CT HB06640 | 2015 | General Assembly | Comm Sub

Connecticut House Bill 6640 (Prior Session Legislation)

Bill Title: An Act Concerning The Allocation Of Low Income Housing Tax Credits.

Spectrum: Committee Bill

Status: (Introduced - Dead) 2015-03-26 - File Number 227 [HB06640 Detail]

Download: Connecticut-2015-HB06640-Comm_Sub.html


General Assembly		*Committee Bill No. 6640*
*January Session, 2015*		LCO No. 4924
		_____HB06640HSG___031215____
Referred to Committee on HOUSING
Introduced by:
(HSG)

AN ACT CONCERNING THE ALLOCATION OF LOW INCOME HOUSING TAX CREDITS.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. (NEW) (Effective October 1, 2015) (a) The Connecticut Housing Finance Authority shall allocate low income housing tax credits received pursuant to Section 42 of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as amended from time to time, by creating priority tiers within the Qualified Allocation Plan in accordance with the following: (1) Feasible proposals in high or very high opportunity areas shall be given priority consideration for seventy-five per cent of such credits; and (2) catalytic proposals in very low, low or moderate opportunity areas shall be given priority consideration for twenty-five per cent of such credits. If credits are not allocated pursuant to subdivisions (1) and (2) of this subsection due to an insufficient number of qualified proposals in any allocation round, any remaining credits shall be made available during the same allocation round to the general pool of applicants in accordance with the priorities determined by the Connecticut Housing Finance Authority in the Qualified Allocation Plan.

(b) For purposes of this section, "opportunity areas" means those areas designated as such using opportunity mapping analysis as developed by the Kirwan Institute for the Study of Race and Ethnicity that includes census tract level assessment of educational, economic and neighborhood characteristics, including school performance, poverty rates and crime rates; "feasible proposal" means those proposals demonstrating a strong likelihood of initiating construction within nine months of the tax credit being awarded; and "catalytic proposal" means those proposals that are part of a neighborhood plan predicted to enhance economic development in the neighborhood as demonstrated through market analysis, and do not increase neighborhood poverty levels.