GOV. MALLOY: INVESTMENTS WILL EXPAND HOUSING OPTIONS AND BOLSTER ECONOMIC DEVELOPMENT
(HARTFORD, CT) – Governor Dannel P. Malloy, Department of Housing (DOH) Commissioner Evonne M. Klein, and Connecticut Housing Finance Authority (CHFA) President and Executive Director Eric Chatman today announced a $159 million investment in several programs that plan, develop, and execute affordable multifamily housing initiatives throughout the state.
“Today’s announcement builds on our commitment to ensure affordable housing in Connecticut,” Governor Malloy said. “With more affordable housing options we can attract talent, grow our economy, and strengthen commerce. Working with our municipal partners, we will continue improve and expand our housing stock as it is central to attracting businesses is ensuring a skilled workforce in Connecticut.”
Since taking office, Governor Malloy has committed more than $360 million for affordable housing projects for seniors, young professionals, working families, and other residents. More than $220 million in capital funds were approved in the current biennial budget to continue this momentum.
“Under Governor Malloy’s leadership funding for housing is at a historic level, which is good for our economy and our residents,” said Commissioner Klein. “This funding demonstrates to developers, municipalities, housing authorities, and others that the state stands ready to support great affordable housing developments that meet the needs of our residents and build strong communities.”
The $159 million investment will be divided among seven programs administered by the Department of Housing and the Connecticut Housing Finance Authority as follows:
- $33 million will be available for the State Sponsored Housing Portfolio for various housing developments.
- $14 million is available for projects that need state capital funds, with or without Tax Exempt Bond (TEB) financing and 4 percent Low-Income Housing Tax Credits (LIHTCs). The deadline to apply is September 20, 2013.
- Applicants have until November 18, 2013 to apply for state capital funding for projects that also need 9 percent Low-Income Housing Tax Credits. Approximately $6 million will be available.
- Applicants have until September 16, 2013 to apply for grants to cover predevelopment costs. Approximately $3 million will be available.
- Applicants have until January 13, 2014 to apply for funding for projects that need only moderate rehabilitation work. Approximately $10 million will be available.
- $30 million will be provided by DOH through the state’s Supportive Housing initiative for developments that have a significant number of affordable rental units that include support services. Applicants have until November 5, 2013 to apply.
- $25 million will be available for the fourth round of funding under the Competitive Housing Assistance for Multifamily Properties (CHAMP) initiative, for projects seeking state capital funds with or without CHFA TEB financing and 4 percent LIHTCs. Owners and developers of affordable multifamily rental developments must apply by December 16, 2013.
- $25 million will be available for the fifth round of CHAMP funding to owners and developers of affordable multifamily rental developments, for projects seeking state capital funds with or without CHFA TEBs and 4 percent LIHTCs. Applications are due June 16, 2014.
- $15 million will be offered for Specialty Priority Projects and Programs administered by DOH. Projects and programs that promote transit-oriented development, fair housing, or contribute to ending homelessness are eligible. Applications must be submitted by March 3, 2014.
- $11 million in Small Cities Community Development Block Grants, administered by DOH, will be available to eligible municipalities for programs and projects that benefit low- and moderate-income residents. Applications are due April 7, 2014.
- $10 million will be available under the Housing Tax Credit Contribution (HTCC) program. This CHFA-administered program promotes up to $500,000 to nonprofit organizations in the form of state tax credits that can then be sold to state businesses to support to the nonprofit’s housing projects. The credits represent a dollar-for-dollar reduction in tax liability. The deadline for applications is April 7, 2014.
- $10 million will be available for projects that seek 9 percent LIHTCs administered by CHFA. This program provides federal tax credits that may be sold to raise equity for a project. Developers and owners of qualified low-income housing must apply by November 18, 2013.
For additional information, contact Nick Lundgren at the Department of Housing— Nick.Lundgren@ct.gov
or (860) 270-8190.
For Immediate Release: August 26, 2013