Legislation introduced in the Connecticut General Assembly would expand the state’s workforce housing tax credit program to include properties in opportunity zones (OZs) and would change definitions for workforce housing in other parts of the state. S.B. 184 would add properties in OZs to the definition of “eligible workforce housing development projects.” The bill would also redefine workforce housing as a property where 10 percent of units are for low-income renters, 40 percent are available at 20 percent of the area’s prevailing rent and the remainder are available at market rate. The legislation would double the statewide annual cap for the workforce housing tax credit to $20 million.
Novogradac
Thursday, February 20, 2020