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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]
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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]
>
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