Housing is a main component of a healthy economy in any city or state. It creates jobs, attracts more people, grows the community and strengthens the economy. The program will be administered through the Connecticut Department of Housing (DOH) and provided loans and grants to owners and developers of affordable multifamily rental developments interested in rehabilitating housing. Developers can also receive additional financial assistance from the Connecticut Housing Finance Authority (CHFA).
Connecticut, like New York and New Jersey, suffers from high housing costs and a shortage of affordable housing. It has taken its toll on the economy from workers who either leave the state or are discouraged from moving to the state due to the high cost of housing. The Governor of Connecticut welcomes the new program as an effort to expand the inventory of affordable housing and help boost the economy.
The plans for the additional 390 homes for low-income residents includes renovating the Old Middletown High School Apartments, constructing new housing in Stonington, rehabilitating the Park West Apartments in Vernon and Watertown Crossing in Waterbury, and the Horace Bushnell Congregate Apartments in Hartford.
For more information, visit www.ct.gov/ecd/cwp/view.asp?a=1105&q=499522
