You asked for a brief summary of bills the Housing Committee favorably reported to the Finance, Bonding and Revenue Committee.

SB 491—AN ACT AUTHORIZING BONDS OF THE STATE FOR DEVELOPMENT OF ADDITIONAL SUPPORTIVE HOUSING DWELLING UNITS

The bill authorizes up to $ 2 million in bonds for the Department of Economic and Community Development (DECD) to develop 1,000 permanent supportive housing units as part of the Supportive Housing Pilots Initiative.

Effective Date: July 1, 2005

SB 889—AN ACT AUTHORIZING BONDS OF THE STATE FOR IMPROVEMENTS AT BOWLES PARK AND WESTBROOK VILLAGE IN THE CITY OF HARTFORD

The bill authorizes up to $ 5 million in bonds for DECD to fund short and long-term improvements at Bowles Park and Westbrook Village, which are located in Hartford.

Effective Date: July 1, 2005

SB 1089—AN ACT CONCERNING COMMUNITY REVITALIZATION AND THE ADAPTIVE REUSE OF CERTIFIED HISTORIC STRUCTURES

The bill requires the Connecticut Commission on Culture and Tourism to administer a system of tax credit vouchers for owners rehabilitating certified historic structures. In each tax year the commission must provide at least 25% of such tax credits for rehabilitation of certified historic structures that contain affordable housing, as defined in CGS § 8-39a, and 25% for rehabilitation of certified historic structures that contain housing other than affordable housing. When the commission certifies that the rehabilitation plan conforms to standards required, the commission must reserve for the owner an allocation for a tax credit equivalent to 25% of the projected qualified rehabilitation expenditures, not exceeding $ 2 million for all credits. If the commission makes such a request, the DECD commissioner may authorize it to waive the amount of the credit allocated for affordable housing and other housing.

The credit is available in the tax year in which the substantially rehabilitated certified historic structure is placed in service. Any owner entitled to such a credit may assign, transfer, or convey the credits by sale or otherwise, in whole or in part, to any individual and the transferee is entitled to offset income imposed under state law.

The bill requires the Commissioner of Revenue Services to grant a tax credit to a taxpayer holding the historic structure rehabilitation tax credit voucher against taxes due under the general statutes in the amount specified in the tax credit voucher. The taxpayer must submit the voucher and the corresponding tax return to the Department of Revenue Services.

Effective Date: July 1, 2005, and applicable to tax years beginning January 1, 2005

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