New London Development In Line For State Funding: Gov. Malloy

NEW LONDON, CT — George Wshington Carver Housing, a 128-unit elderly housing complex is set to receive over $4 million in state funding, announced Gov. Dannel Malloy, Department of Housing (DOH) Commissioner Evonne Klein, and Connecticut Housing Finance Authority (CHFA) Executive Director Karl Kilduff on Friday.

The DOH will provide up to $4,257,122 to the Housing Authority of the City of New London for the expansion of ten efficiency units, roof and window replacements, heat pumps, hot water heaters, bathroom fixtures, common area lighting, and a new generator.

The project will leverage $383,199 in energy incentives, according to a release.

"When we invest in affordable housing, we invest in Connecticut's future," Malloy said in a release. "Our affordable housing policies continue to make our state a more attractive place to live, work and raise a family, while providing stability and assistance to our veterans and our most vulnerable residents. With this round of funding, I look forward to continuing the progress we have made in transforming Connecticut into an affordable housing leader."

New London is one of then communities in Connecticut toward which more than $31 million in state funding is being awarded to support the development of affordable housing projects.

The funding announcements are part of several initiatives that began under the Malloy administration, including the Competitive Housing Assistance for Multifamily Properties (CHAMP) funding program, the State Sponsored Housing Portfolio (SSHP) funding program, and the Affordable Homeownership funding program.

These awards will help to create, rehabilitate, or preserve nearly 600 units of affordable housing for both the rental and homeownership markets. These units are also aiding in the state’s nationally recognized efforts to prevent and end homelessness.

“When we invest in affordable housing, we invest in Connecticut’s future,” Malloy said. “Our affordable housing policies continue to make our state a more attractive place to live, work and raise a family, while providing stability and assistance to our veterans and our most vulnerable residents. With this round of funding, I look forward to continuing the progress we have made in transforming Connecticut into an affordable housing leader.”

The CHAMP program, which is administered by DOH, provides developers and owners of multifamily affordable housing with the necessary gap financing to create or preserve affordable units in multifamily properties.

The Affordable Homeownership funding program provides gap funding to help create homeownership opportunities for residents across the state.

“These announcements represent the Malloy administration’s continued commitment to increasing access to affordable housing,” Klein said in a release. “We’re creating housing opportunities for all demographics, and by expanding access to both quality rental and homeownership units we’re giving Connecticut individuals and families another opportunity to thrive.”

In 2012, the Governor committed $300 million towards a ten-year plan to revitalize the SSHP program – an initiative focused on rehabilitating Connecticut’s aging public housing stock. The portfolio, administered by CHFA, consists of properties that are operated in part by housing authorities in every region of Connecticut.

This portfolio consists of more than 300 properties and it is one of the nation’s largest and oldest state-supported affordable housing portfolios.

“This financing will be used for improvements that will enhance the quality of life for current residents while ensuring the sustainability of these SSHP properties for the future,” Kilduff said in a release. “Financing with private activity tax exempt bonds from CHFA and four percent Low Income Housing Tax Credits are leveraged with the state’s investment and other sources of funding to make these renovations possible.”

Since 2011, the state has created, rehabilitated, or preserved approximately 10,000 affordable housing units. There are nearly 3,300 affordable units under construction, and funding commitments are in place to create approximately 5,200 more affordable units.

The state’s investment in affordable housing totals more than $1 billion dollars – a testament to the commitment that the Malloy administration has placed on efforts to both prevent and end homelessness, while ensuring every resident has a place to call home.

This investment in the housing industry has spurred another $2.5 billion in direct economic activity across the state.

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