Conn. Governor: Investments Will Expand Housing Options

Gov. Dannel Malloy, flanked by state officials, announced on Monday a $159 million investment in affordable multifamily housing initiatives statewide.

The state will divide the funds among seven programs administered by the Department of Housing and the Connecticut Housing Finance Authority as follows:

The state will make $33 million available for the state-sponsored housing portfolio for various housing developments, including$14 million for projects that need state capital funds, with or without tax-exempt bond financing and 4% low-income housing tax credits;

The housing department will provide $30 million through the state’s supportive housing initiative for developments with many affordable rental units that include support services. Also, $25 million will be available for the fourth round of funding under the Competitive Housing Assistance for Multifamily Properties initiative and a further $25 million will be available for the fifth round of CHAMP funding to owners and developers of affordable multifamily rental developments;

In addition, $15 million will be offered for specialty priority projects and programs administered by the housing department.  Projects and programs that promote transit-oriented development, fair housing, or contribute to ending homelessness are eligible;

Another $11 million is available under small cities Community Development Block Grants to municipalities for programs and projects that benefit low- and moderate-income residents;

And separate $10 million increments will be available under the Housing Tax Credit Contribution program, and for projects that seek 9% low-income housing tax credits administered by CHFA. 

The biennial budget passed in June allocated more than $220 million in related capital funds.

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Connecticut
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