News release from State Rep. Chris Rosario:
Representative Christopher Rosario (D-Bridgeport) is pleased to announce a bill that would increase the penalty for new owners of foreclosed properties who fail to report the transaction to the municipality has passed the House of Representatives.
“This bill gives municipalities the data they need to have accurate records and the ability to make sure the property does not become blighted without recourse,” said Chair of the Housing Committee Rep. Larry Butler.
“As Director of Anti-Blight and Illegal Dumping in Bridgeport, I am pleased to see this anti-blight bill passed in the House. This bill will ultimately have a positive impact on cities like Bridgeport that suffer from many blighted and abandoned properties,” Rep. Rosario said. “I will be following it closely as moves to the Senate.”
The bill addresses the instance where a purchaser of a foreclosed property fails to register it with the municipality, thus leaving said municipality without a way to contact the new owner and place him on record for responsibility. The fine associated with a violation increases from $100 to $1,000. When an institution takes title to the foreclosed property, the fine increases from $250 to $1,250.
The Connecticut Conference of Municipalities supports the bill.
The bill moves on to the State Senate for consideration.
Rep. Rosario represents the 128th Assembly District and serves on the Appropriations, Energy and Technology and Transportation Committees. He also serves on the Transportation, Human Services and Judicial and Corrections Appropriations Subcommittees.
Hey Chris, a mayor who provides lower taxes and a strong economic development team will do a lot more to reduce urban blight than this bill will.
Who submitted the bill?
Just what we need. Give the thug more power. While the City can sit on vacant, deteriorated strategically important properties for decades, let one person from the private sector try to adaptively re-use a vacant property whose after-rehab value exceeds its market value, to go after him or her, with a nastiness and a vengeance, instead of providing financial and technical assistance, but political hacks don’t know how to do that!
Yes, correct wording is a building’s total development cost exceeds its after-rehab market value, typically. Land-Based Taxation may be on the way to remedy this situation.