Contacts:  Adam Liegeot, 860-524-7313, Adam.Liegeot@ct.gov
 

 

Governor M. Jodi Rell today announced that an additional $10 million to support Connecticut’s Housing Trust Fund is expected to be approved when the State Bond Commission meets October 30. 

 

“The Housing Trust Fund has been an invaluable tool in the state’s effort to increase housing options for all throughout the state,” said Governor Rell.  “Right here in Hartford, the trust fund has revitalized Dutch Point and helped to build a unique rental housing development for grandparents raising their grandchildren.  It has gone toward artist housing in New Britain. We’ve used it to further our responsible growth agenda by helping create housing options in a mass transit-oriented development project in Stamford.  It has been used to convert a former commercial building into housing in Seymour, and expand housing in the old Winchester Repeating Arms Company Historic District in New Haven.

 

“This substantial funding will go a long way to addressing the issue of housing affordability statewide and will directly benefit Connecticut’s long-term economic success “Flexible and affordable housing is a critical issue for Connecticut workers, families, and businesses — and a top priority of my administration.  Housing development and ownership helps to drive our economy.  Everyone deserves quality built, safe and secure housing, and that’s exactly what the Housing Trust Fund was created to do.”

 

Signed into law by Governor Rell on July 1, 2005, the Housing Trust Fund for Economic Growth and Opportunity is designed to help create housing for low- and moderate-income working families by providing critical “gap” financing in the form of loans and grants.  The state has already awarded $40 million to 43 affordable housing projects.  Those projects have leveraged $375 million in other funding and created 1,261 units of affordable housing in the process.  Funding awarded by the Housing Trust Fund may be used in a variety of ways, including acquisition, rehabilitation, new construction, down payment assistance, loans and grants.  Eligible recipients include nonprofits and for-profit housing developers, municipalities, local housing authorities, the Connecticut Housing Finance Authority, community development finance institutions, and community development corporations.