Governor Malloy announced a $159 million investment for affordable multifamily housing initiatives through the state on August 26. Department of Housing Commissioner Evonne Klein and Connecticut Housing Finance Authority President and Executive Director Eric Chatman expressed excitement about the $159 million investment that the state is making in affordable multifamily housing. This investment will be divided among seven programs that are administered by DOH and CHFA:
- $33 million will be available for the State Sponsored Housing Portfolio for various housing developments.
- $30 million will be provided by DOH through the state’s Supportive Housing initiative for developments that have a significant number of affordable rental units that include support services.
- $25 million will be available for the fourth round of funding under the Competitive Housing Assistance for Multifamily Properties (CHAMP) initiative, for projects seeking state capital funds with or without CHFA Tax Exempt Bond (TEB) financing and 4 percent LIHTCs.
- $25 million will be available for the fifth round of CHAMP funding to owners and developers of affordable multifamily rental developments, for projects seeking state capital funds with or without CHFA TEBs and 4 percent LIHTCs.
- $15 million will be offered for Specialty Priority Projects and Programs administered by DOH. Projects and programs that promote transit-oriented development, fair housing, or contribute to ending homelessness are eligible.
- $11 million in Small Cities Community Development Block Grants, administered by DOH, will be available to eligible municipalities for programs and projects that benefit low- and moderate-income residents.
- $10 million will be available under the Housing Tax Credit Contribution (HTCC) program.
- $10 million will be available for projects that seek 9 percent LIHTCs administered by CHFA.
Click here to read the full press report.