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Bridgeport, Stratford ask legislature to allow repayment of Success Village interest penalties
Summary
Residents and municipal officials urged the Planning & Development Committee to approve HB5500, allowing Bridgeport and Stratford to waive or refund statutory interest penalties tied to Success Village taxes. Testimony described months without heat or hot water and large legacy debts from mismanagement.
Rep. Chaffy convened a public hearing where multiple witnesses pressed the state to ease financial penalties tied to Success Village, a 924-unit cooperative that spans Bridgeport and Stratford.
Court-appointed receiver Barry Not told the committee that when he assumed control on Sept. 24, 2024 "there was approximately $10,000 on deposit in all of the bank accounts for Success Village," despite roughly $550,000 a month of rent and maintenance income. He said municipalities and the state stepped in with loans and emergency measures; a $6 million state loan closed recently to address immediate…
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