OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

http://www.cga.ct.gov/ofa

sSB-752

AN ACT REQUIRING A STUDY OF CONNECTICUT'S HOUSING INVENTORY AND CURRENT AND FUTURE HOUSING NEEDS.


OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 18 $

FY 19 $

Connecticut Housing Finance Authority (quasi-public)

Resources of CHFA - Cost

50,000

None

Municipal Impact: None

Explanation

The bill results in a one-time cost of $50,000 to the Connecticut Housing Finance Authority (CHFA) by requiring the quasi-public state agency to conduct a study analyzing the gap between state-wide housing inventory and the state's current and projected needs over fifteen years.

The study requires CHFA to look at specific demographics outlined in the bill that are currently not collected or researched by the agency. CHFA would therefore require consulting services to assist in this research and complete the study by the January 1, 2018 report date. Based on a similar housing inventory study prepared for CHFA in 2013, it is anticipated that the consulting costs would amount to $50,000.

The Out Years

The cost impacts FY 18 only as study must be completed by January 1, 2018.