Home Economic Development CT providing $61.5M in grants and loans to support affordable housing

CT providing $61.5M in grants and loans to support affordable housing

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Connecticut is awarding more than $61.5 million in state grants and loans to help create, rehabilitate or expand 24 housing developments in 20 municipalities, including several in Fairfield County.

“The availability of affordable housing for low- and moderate-income residents is a driver of economic growth and will make Connecticut a more vibrant place to work and live,” said Gov. Dannel Malloy. “When we invest in housing, we invest in people, communities and our economic future.”

Projects selected for funding in the state Department of Housing’s (DOH) High Opportunity Area Housing round are located in census tracts designated as “moderate,” “high” or “very high” opportunity because of their access to municipal services, quality educational systems and low levels of crime.

The state is also investing in the rehabilitation of the long-neglected State Sponsored Housing Portfolio (SSHP). In 2014, Malloy outlined a 10-year, $300 million plan to revitalize the properties in that portfolio, which are located throughout Connecticut.

In order to spur investment in diverse, geographic regions across Connecticut, DOH piloted a first-of-its-kind, special funding round for developers interested in creating affordable and mixed-income housing in higher-opportunity areas. Using interactive mapping, the state and its partners have been promoting access to opportunity in all census tracts.

All together, the total investments will create or rehabilitate 978 homes.

The following municipalities are among those that will receive funding for development in moderate-, high- and very-high-opportunity areas:

  • Darien: DOH will provide a loan of up to $6 million to assist Old Town Hall Homes LLC for the development of 55 affordable rental units. Those units, which will be reserved for tenants with an income of up to 60 percent of the area median income, will include both one-bedroom and two-bedroom spaces. The development will be located at 719 Boston Post Road.
  • Fairfield: DOH will provide a grant of up to $650,000 to assist Operation Hope of Fairfield Inc. for the acquisition and rehabilitation of four affordable housing units. The Durrell Drive project will provide affordable housing and supportive services that target individuals and families with up to 60 percent of the area median income. The rental units will be located at 21-23 and 63-65 Durrell Drive.

Developments that will receive funding to assist in the rehabilitation of properties in the SSHP include the following:

  • Greenwich: DOH will provide up to $5.1 million in funding to the town’s Housing Authority for Armstrong Court, a 42-unit moderate rental property. The funds will be used for asbestos remediation and quality-of-life improvements. Additionally, improvements to the community room and other interior and exterior improvements will be made. The individual housing units will also undergo a transformation, including upgrades to kitchens and bathrooms. Additional funding will be provided by the owner, the Connecticut Housing Finance Authority (CHFA), the state Department of Economic and Community Development (DECD) and utility companies.
  • Greenwich: DOH will provide up to $1,966,452 to The Hill House Inc. for its 38-unit congregate property. The funds will be used to make quality-of-life improvements to the interior and exterior of the property, including upgrades to individual housing units. Additional funding will be provided by the owner, DECD and utility companies.
  • Stamford: DOH will provide up to $5.2 million to Lawnhill Phase 3 LP for its 52-unit moderate rental property. The funds will be used to make interior and exterior upgrades. In addition to state funding, the owner will also contribute funding along with CHFA, the city of Stamford and the utility company.

Since 2011, DOH and CHFA have created, rehabilitated or committed funding for approximately 24,332 units of housing – more than 20,000 of which are affordable to low- and moderate-income individuals and families. According to the Malloy administration, that represents an investment of more than $1.42 billion, which has been matched by over $2.45 billion from other financial sources, including the private sector.

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