Marilyn Moore, Senate chair of the Housing Committee, conducted a public hearing Tuesday on Senate Bill 6, An Act Concerning Housing centered on housing affordability.
The hearing was streamed live here at 11 a.m. from room 2D of the Legislative Office Building.
Senate Bill 6 includes:
- 10% tax credit for the conversion of commercial property into residential property, provided that the property creates at least 50 new residential units with at least 20% affordable housing
- Reduced the sales tax to 3% on goods purchased for new residential housing developments that create a minimum of 50 new affordable units
- An additional $25 million for the Rental Assistance Program to address rent increases and further expand the program
- Require an annual study by the Department of Housing of rents across every zip code to determine real time market conditions
- Adjust the value of Housing Choice Vouchers and Rental Assistance Program vouchers annually to allow access to all housing markets in the state
- Increase the conveyance tax by 1% for sales of homes where the buyer is an institution and not an individual
- Study the impact of allowing landlords to accept advance payments from tenants
- $18.6 million to the Department of Housing for housing and homeslessness services
- $1.4 to the Department of Mental Health and Addiction Services for housing support
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