Brookfield Village, LLC Receives $4.5M Loan for 48 Affordable Housing Units

Governor Dannel P. Malloy recently announced that the State of Connecticut is investing in affordable housing across the state “in an effort to help towns and cities foster economic growth, create livable communities, and attract businesses.”

Brookfield Village, LLC is receiving a $4,500,000 loan to to assist with development of 48 units of affordable housing in the mixed-use Brookfield Village development. The loan will be provided at one percent for forty-two years with payments deferred for thirty years.

In 2015, Connecticut made investments to help create, rehabilitate, and preserve 11,881 housing units statewide.

“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. As we expand access to quality, affordable housing, we’re creating more livable communities and making ourselves more attractive to companies,” Governor Malloy said. “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.”

“In visiting these developments and many others in cities and towns throughout Connecticut, it is clear that these investments have a great benefit to our communities and the state as a whole,” Lt. Governor Wyman said. “Ensuring that our labor force can live in the towns where they work and that we have an eye on the whole picture - transit, commerce, green space, and housing - makes Connecticut a stronger and more competitive state.”

“We’re making real progress across the state and building affordable housing at an unprecedented rate,” Department of Housing Commissioner Evonne M. Klein said. “Governor Malloy has made housing creation a priority and these strategic investments are good for the residents of our state, good for the economy, and good for local business. What we know is that when people have access to quality, safe, and affordable housing it’s a cost saver. It provides stability to our states most needy who tend to cycle in and out of expensive public systems like emergency rooms and jails.”

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