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New Haven Committee Backs Revised Developer Tax Deferral Program

October 31, 2019 | Reprints | Unlock Link | Print

The New Haven skyline. (Courtesy Photo / Public Domain / Charles Barneby)

A New Haven Board of Alders committee voted unanimously to back changes to the city’s tax deferral program for new developments, which was set to expire at the end of this year.

According to The New Haven Independent, the board’s Finance Committee backed renewing the program Monday night.

The program, which has existed since the mid-1970s, allows a developer to defer the increase in property taxes for two years, and then phase in the increase over the following five. Under the proposal, the city would speed up the phase-in process and set aside the resulting gains for affordable housing production. The new changes would also prohibit developers from trading their deferrals with anyone elses.