Eric Chatman, President and Executive Director of Connecticut Housing Finance Authority
Governor Malloy recently released a report titled the “State-Sponsored Housing Portfolio Capital Plan.” This plan will be the road map for implementing the Governor’s $300 million revitalization of the State-Sponsored Housing Portfolio (SSHP) over the next 10 years.
The Board of Directors of the Connecticut Housing Finance Authority (CHFA) approved the initiative to conduct the capital needs assessments of the SSHP, totaling 340 properties, with more than 13,800 units. CHFA hired Recap Advisors, Inc. to assess the physical and financial condition as well as the market situation of the properties. Property owners and managers were also surveyed, and they provided extensive information and feedback throughout the process. As part of the Plan implementation, property staff will receive training on topics ranging from project management and regulatory compliance to resident engagement.
The key to the success of the Capital Plan is leveraging the Governor’s $300 million commitment to affordable housing, with $400 million of private capital, incorporating a range of financing transactions, including 4% low income housing tax credits. This strategy ensures that the properties will have the resources needed to cover all capital needs over the next 20 years, build reserves to cover subsequent capital needs, incorporate green investments and market driven architectural improvements, and protect current residents while stabilizing property revenues.
Connecticut is one of only four of states with a housing portfolio financed with state funds. When the Capital Plan is fully implemented, these assets will be fully developed, well-run properties that will benefit the State and its residents for many years to come.
You can read the full plan on the CHFA website.
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