Malloy Announces Funds for Smaller Multifamily Rentals

HARTFORD — In a press release Governor and Department of Housing (DOH) Commissioner Evonne Klein today announced $9,555,585 in loans for the creation or rehabilitation of affordable housing units in small multifamily rental and homeownership developments across the state.
The funding aims to expand affordable housing opportunities by fostering innovative approaches in design, location, construction costs, operating costs, environmental sustainability, affordability, or support services.  Developments that could serve as a model and be replicated on a larger scale were especially encouraged.
“We’ve already accomplished more in the past four years on housing than had been done in decades. The question now is, how do we raise the bar again to have a both short and long-run impact? Investments in safe, affordable housing undoubtedly pay long-term dividends, promoting healthier lives, stronger communities, and a more vibrant economy,” said Governor Malloy.
“This funding was intended for smaller projects with total development costs of no more than $6 million and we limited our financial assistance to no more $2 million to ensure applicants leverage state assistance with substantial financial and/or in-kind resources from other sources, particularly private sources of debt and equity,” said Commissioner Evonne Klein.
Earlier this week the state bond commission also approved $39.5 million in funding for the preservation and creation of over 1,000 units of housing across the state.  Funding commitments by the Malloy administration are at the highest levels since 1989. Total funding, which now exceeds $400 million, is assisting in the preservation and creation of over 7,000 units of housing.
DOH will provide approximately $550,000 to Veterans, Inc. in New Britain to help complete the conversion of a long-vacant and blighted historic property on Arch Street into a veterans’ housing development.  It will serve veteran households earning up to 50% of the area median income.
The Department of Veterans Affairs will provide an operating subsidy based on the number of veterans served.  The development is also co-funded by New Britain.  The location of this development is within walking distance of the main CTfastrak station located in the central business district, providing mass transit opportunities for these veterans.
This is a gut rehabilitation of the structure and will replace the floors, ceilings, stairways, roof, windows, plumbing, electrical fixtures and sprinkler system for fire protection.

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