Affordable Housing, Community Development, Housing Policy Briefs

Long-Term Solutions, Not Short-Term Fixes

Liberty Bank Foundation
 

Pam Days-Luketich, Community Outreach Officer, Liberty Bank

Did you know since 2013, homelessness in Connecticut has dropped by an astounding 64%? Well, believe it or not, this statement is nothing but the truth. Getting people off the streets and into warm homes is influenced by many factors, one being affordable housing.

Want  to know more about the strides our communities have made in this area? Coming up on June 5 is the 15th annual Mayor’s Forum on Affordable Housing hosted by the Connecticut Mortgage Bankers Association (CMBA) with moderator, Charles Patton from Partnership for Strong Communities. Connecticut Mayors will discuss what they’re doing in their cities to promote affordable housing, the challenges they face and future plans for growth and expansion. 

Panelists include:

  • The Honorable Mark D. Boughton, Mayor, Danbury
  • The Honorable Toni Harp, Mayor, New Haven
  • The Honorable Michael Passero, Mayor, New London
  • The Honorable Ellen Zoppo-Sassu, Mayor, Bristol 

Aside from the achievements we’ve experienced so far, thanks to collaboration among many dedicated local partners, there’s still a lot more work to do. Currently, Connecticut has the 8th highest housing wage in the nation at $24.29. This is the hourly wage a person working 40 hours a week needs to earn to pay for an average two-bedroom apartment. 

The reality is that almost half of Connecticut renters pay more than 30% of their income on housing. This leaves them less to spend on the other basic necessities, little to no money left aside in savings, or to cover the costs of life’s most unpredictable moments like a medical emergency or car repair. According to United Way’s ALICE report, low-to-moderate income families make up 20% or more of all households in two-thirds of Connecticut’s cities and towns.

For over 20 years, Liberty Bank Foundation has been dedicated to moving the needle on affordable housing, investing much more than dollars alone. They are a member of several regional coalitions on housing and homelessness, working side by side with partners from various sectors on long-term solutions to prevent and end housing crises. What’s more, the Foundation engages in advocacy at the state and local levels to help move projects forward and keep funds flowing in. In fact, last year, with help from Liberty Bank Foundation grants, 570 people were prevented from becoming homeless and 23 new affordable housing units were built. Learn more at libertybankfoundation.org. 

For many years, the Foundation has been a vital supporter of the Partnership for Strong Communities and Liberty Bank has partnered with CMBA since its inception in 1984. 

On June 5, the Mayor’s Forum on Affordable Housing starts promptly at 8:30 a.m. at the Aqua Turf in Plantsville. For tickets, click here

Click here to read previous blogs. 

 
 

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