Democrats propose tax breaks for CT developers of commercial properties into residences

Ten-percent tax credits for developers who convert commercial properties into residential dwellings is the center piece of proposed housing priorities for the legislative session, majority Democrats in the state Senate announced on Tuesday. At least 50 apartment units per property would have to be in the conversions, with at least 20 percent designated as affordable housing, under the incentive program aimed at persuading suburbs to develop more units. The proposed initiatives, announced during a morning news conference, include $20 million to fund programs for the homeless, and a $25 million infusion for the state Department of Housing’s rental assistance fund. Over the years, suburbs have been reticent to support affordable housing units, stressing their powers under home rule to decide on zoning issues, even as the state has about 100,000 open jobs and a need for as many dwelling units.

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