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News : Local Published: Jan 16, 2008 - 11:18:36 AM

Governor Rell announces affordable housing projects to be funded with state bonding money

By Governor Rell's office

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Governor M. Jodi Rell today announced that an additional $10 million to support Connecticut’s new Housing Trust Fund this year is expected to be approved when the State Bond Commission meets on January 25.

Signed into law 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.

“One of the key issues affecting Connecticut’s economy is the availability of quality, affordable housing,” Governor Rell said. “We must have a steady and attractive stock of housing to attract and keep jobs in our state. The Trust Fund helps develop and rehabilitate properties where working people can live and raise their families.”

The Trust Fund, administered through the Department of Economic and Community Development, is funded through General Obligation bonds that provide a maximum of $20 million per year for five years. This is the fourth round of funding for program, which received an initial $10 million in 2005.

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, community development corporations and any combination thereof.

Funding will be based on priority guidelines established by DECD’s Housing Trust Fund Advisory Committee and may not exceed $75,000 per housing unit or $2,000,000 per project and $3,000,000 per program. DECD is accepting proposals for activities to carry out the administration of programs for the Housing Trust Fund and for specific projects.

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