AN ACT CONCERNING AFFORDABLE HOUSING, THE ISSUANCE OF HOUSING UNIT-EQUIVALENT POINTS AND THE CALCULATION OF THE TEN PER CENT THRESHOLD FOR THE AFFORDABLE HOUSING APPEALS PROCEDURE.

SB 1124 requires all new affordable housing units to remain affordable permanently, not just for a limited period. It mandates that municipalities partnering with housing authorities or nonprofits to build permanently affordable housing receive priority funding. The bill also requires housing authorities to issue "housing unit-equivalent points" immediately upon approving an affordable housing application. Additionally, it expands the calculation for the "ten percent threshold" by including properties where buyers earn ≤30% of their income (and ≤80% of median income), even if not legally deed-restricted. This directly affects municipalities, housing developers, and low-to-moderate-income residents seeking affordable housing.