*Message sent from a system outside of UConn.*
Kristen,
Wallingford does not directly provide affordable housing tax credits.
However, a deed restricted property (designated as affordable) is valued
as such when assessed which typically results in a small tax reduction.
Hope this helps.
Tim
---
Tim Ryan
Economic Development Specialist
Town of Wallingford
Office: 203-294-2062
Cell: 203-631-2354
Email: [log in to unmask]
Web site: https://nam10.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.plugin2wallingford.com%2F&data=04%7C01%7C%7C8ff524062276426be2e008d9099cbb2d%7C17f1a87e2a254eaab9df9d439034b080%7C0%7C0%7C637551391018119670%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&sdata=us08zVqicAa2Gybjm3ZF2XAeHWn1zVprcP699wHJeyI%3D&reserved=0
LinkedIn: https://nam10.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fwallingfordedc&data=04%7C01%7C%7C8ff524062276426be2e008d9099cbb2d%7C17f1a87e2a254eaab9df9d439034b080%7C0%7C0%7C637551391018119670%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&sdata=OBZPqqHimj2HtdRmI5rJZADC1m7LCigRvkrRDuqSGTI%3D&reserved=0
Instagram: https://nam10.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.instagram.com%2Fwallingford.ct%2F&data=04%7C01%7C%7C8ff524062276426be2e008d9099cbb2d%7C17f1a87e2a254eaab9df9d439034b080%7C0%7C0%7C637551391018119670%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&sdata=FynKbAD8PifEW3a8D33M4ea1UMCf5QRjOhEvnneNINE%3D&reserved=0
On 2021-04-26 15:43, Kristen Gorski wrote:
> Hi All-
>
> Has anyone adopted and/or utilized statute 12-81bb in their community?
> Any insights would be greatly appreciated.
>
> Sec. 12-81bb. Municipal option to provide property tax credits for
> affordable housing deed restrictions
>
> (a) As used in this section:
>
> (1) “Residential property” means a single parcel of property on which
> is situated a single-family residence or a multi-family building;
>
> (2) “Affordable housing deed restrictions” means deed restrictions
> filed on the land records of the municipality, containing covenants or
> restrictions that require such single-family residence or the dwelling
> units in such multi-family building to be sold or rented only to
> persons or families whose income is less than or equal to eighty per
> cent of the area median income or the state median income, whichever
> is less, and that shall constitute “affordable housing” within the
> meaning of section 8-39a;
>
> (3) “Long term” means a time period no shorter in duration than the
> minimum time period for affordability covenants or restrictions in
> deeds pursuant to subsection (a) of section 8-30g; and
>
> (4) “Binding” means not subject to revocation, either by the owner or
> a subsequent owner acting unilaterally, or by the owner or a
> subsequent owner acting jointly with others, until the expiration of
> the long-term deed restriction time period and enforceable for the
> duration of the long-term deed restriction time period both by the
> municipality and by any resident of the municipality.
>
> (b) Any municipality may, by ordinance adopted by its legislative
> body, provide property tax credits to owners of residential property
> who place long-term, binding affordable housing deed restrictions on
> such residential property in accordance with the provisions of this
> section.
>
> Thanks!
>
> Best Regards,
> Kristen Gorski
> Economic Development Coordinator
> Town of West Hartford
> 50 South Main Street
> West Hartford, CT 06107
> Cell: (860) 960-6136
> [log in to unmask]
>
> ********************
> You received this email because you are subscribed to the ECONDEV-L
> mailing list, an unmoderated discussion list for economic development.
> To change subscription settings or unsubscribe, visit
> https://nam10.safelinks.protection.outlook.com/?url=https%3A%2F%2Flinkprotect.cudasvc.com%2Furl%3Fa%3Dhttp%253a%252f%252fs.uconn.edu%252fecondevlist.%26c%3DE%2C1%2CVPx38RTATOVnviDsbdQfItvIlpNx4BxuOJ5vRDya20mYjuFEwkLAD7CDB1vjZ13ny2LI7FToVyRb3cM_pC686xFdAyWLs0WmSi7lK5EcyLIgI7qqPEc9j84FW5G1%26typo%3D1&data=04%7C01%7C%7C8ff524062276426be2e008d9099cbb2d%7C17f1a87e2a254eaab9df9d439034b080%7C0%7C0%7C637551391018119670%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&sdata=LHe20sxu7TZgCgXKEEh2FNKbmn31fF6hVNJLjDTwnPY%3D&reserved=0
> To post to this list send an email to [log in to unmask]
> ********************
********************
You received this email because you are subscribed to the ECONDEV-L mailing list, an unmoderated discussion list for economic development. To change subscription settings or unsubscribe, visit http://s.uconn.edu/econdevlist. To post to this list send an email to [log in to unmask]
********************
|