AN ACT CONCERNING THE USE OF CONDOMINIUM DEPOSITS FOR CONSTRUCTION AND DEVELOPMENT, ACCOUNTING OF RENTAL CHARGES AND A WORKING GROUP TO DEVELOP A UNIFORM STATUTORY DEFINITION OF "AFFORDABLE HOUSING".

HB 7027 requires condominium associations to use reserve deposits for construction and development projects (not just hold them), mandates transparent accounting for rental charges collected from units, and establishes a working group to create a uniform statutory definition of "affordable housing" across Connecticut. The bill directly affects condominium associations, property managers, and developers by changing how they handle funds and report income. It also sets a clear path for standardizing "affordable housing" definitions through a state working group. The law became effective after Governor signing it on June 30, 2025 (Public Act 25-146).