AN ACT CONCERNING TIERED DEED RESTRICTIONS.

HB 5364 creates a tiered system for deed restrictions requiring affordable housing units to remain affordable for specific periods. It defines three tiers: 40-year, 30-year, and 20-year set-asides, mandating that units in these developments be sold or rented at income levels not exceeding 30% (for 15% of units), 60%, or 80% of area median income. The bill directly affects municipalities, developers, and housing commissions by modifying how affordable housing applications are processed and extending moratorium periods for certain projects. Key provisions include standardizing income thresholds based on HUD data and clarifying eligibility for moratorium extensions after project completion.