ACTION ALERT for the Finance, Revenue and Bonding Committee Public Hearing
March 24, 2021, 10:00 am
The Finance, Revenue and Bonding Committee will hold a public hearing on Wednesday, March 24, 2021 at 10:00 a.m. via Zoom. We strongly encourage you to submit written testimony in support of our shared legislative priorities. For sample testimony language, click here.
How to Testify
Written testimony can be submitted in Word or PDF format to FINtestimony@cga.ct.gov.
If you wish to provide verbal testimony during the hearing:
The public hearing can be viewed via YouTube Live. In addition, the public hearing may be recorded and broadcast live on CT-N.com.
All public hearing testimony, written and spoken, is public information.
If you have any questions about writing or submitting testimony for this hearing, please email Kayleigh at kayleigh@pschousing.org. Talking Points
S.B. 887 An Act Authorizing And Adjusting Bonds Of The State For Capital Improvements, Transportation And Other Purposes
We support new bond authorizations for the Housing Trust Fund funded at $55 million in FY 22 and $50 million in FY 23, and new bond authorizations for the Affordable Housing Flex Fund funded at $100 million for each year of the biennium, which includes $30 million each year for the State Sponsored Housing Portfolio. Affordable housing investments are an investment in Connecticut's economy - creating jobs, increasing household incomes, and generating new tax revenue. A state investment in 100 units of affordable multifamily homes generates $14.5 million in income while supporting 165 jobs during construction alone. These investments also will support the critical revitalization of existing affordable homes that are part of the State Sponsored Housing Portfolio.
H.B. No. 6443 An Act Concerning Revenue Items To Implement The Governor's Budget.
Connecticut's Housing Tax Credit Contribution (HTCC) Program helps nonprofit developers build affordable housing in Connecticut and gives local businesses an opportunity to invest in the projects. Connecticut Housing Finance Authority (CHFA) allocates state tax credits under the HTCC program to nonprofits developing very low, low and moderate income housing in Connecticut.
Private business can buy the tax credits and apply them to their public utilities tax. Nonprofit developers use the money for affordable housing development.
Section 37 of H.B. 6443 would cap the amount of public utilities tax liability that can be offset by a tax credit buyer at 50.01% of their liability. By limiting the amount of taxes an individual corporation may offset, the state risks not having enough informed buyers to purchase these critical tax credits. Housing developers would need to invest time in finding and educating new eligible buyers on the tax credits. It is possible this would result in tax credits going unused and affordable housing not being developed.
Contact us with questions or for further information: info@pschousing.org
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