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Business groups and developers back tax credits to convert vacant commercial space into housing
Summary
The Connecticut Business & Industry Association and housing developers told the Housing Committee SB 1263 — a proposed tax credit for converting commercial buildings to residential use — would help revitalize urban cores and reduce office and retail vacancy by unlocking private investment for housing redevelopment.
The Connecticut Business & Industry Association (CBIA) and other witnesses urged the Housing Committee to support SB 12 63, a proposal that would create tax credits to incentivize the conversion of commercial buildings — including office space and hotels — to residential units.
Grace Brangwyn of CBIA said steep office vacancy rates in Hartford and parts of Fairfield County create an opportunity to repurpose…
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