State Funding Expected for Bethany Housing Project

By BARBARA HEINS (Patch Staff)

Construction of the Rocky Corner Cohousing development in Bethany is one of nearly 20 projects that is expected to receive state bond funding.

In an announcement Wednesday, Gov. Dannel P. Malloy said that the State plans to make new investments in affordable housing across the state, “with the projects anticipated to receive nearly $78 million in state bond funding in an effort to help towns and cities foster economic growth, create livable communities, and attract businesses.”

The investments build on the expansion of quality, affordable housing effort Malloy initiated since 2011. The state has provided funding to build 17,897 housing units across Connecticut in the last five years.

A $2,600,000 loan to Green Haven, Inc. to assist with construction of the Rocky Corner Cohousing development in Bethany. The project will contain 30 cohousing ownership units, including 13 affordable units. The loan will be provided at zero percent for thirty years and will be released as each affordable unit is occupied: $2,600,000

“This is all part of a massive, long-term revitalization strategy, which is why we’re doing more on housing than ever before. It’s key to economic growth,” Malloy said in a statement. “As we expand access to quality, affordable housing, we’re creating more livable communities and making ourselves more attractive to companies. The availability of affordable housing is an economic driver that attracts business and jobs, and makes communities more vibrant places to live, work, and raise a family. If we want to have a quality workforce, and if we want to be economically competitive, it’s important to have quality housing.”

The package of nearly $78 million in investments are scheduled to be approved at Friday’s meeting of the State Bond Commission, which is chaired by Malloy.

Photo credit: Charter Oak Communities.