Alicia Woodsby, Partnership for Strong Communities’ executive director, recently joined CHFA’s board of directors. The Partnership has always supported CHFA’s mission and is a valued ally in promoting the need for affordable housing.
CHFA’s mission is to alleviate the shortage of affordable housing in Connecticut. Today that mission is being accomplished – with more than 3,000 units of new and rehabilitated affordable housing approved in 2013, and in 2014, CHFA expects to exceed that number. New affordable units are spread across the state from small communities like Country Village in Watertown, and Berlin Crossing in Berlin, to Gateway 570 in Bridgeport and Cosgrove Commons in Hartford.
This level of production is a record high for the authority and is being achieved with CHFA’s funding from bond issues, supplemented by $30 million each year from the Governor’s $300 million commitment to affordable housing, and funding from the Connecticut Department of Housing programs including the Competitive Housing Assistance for Multifamily Properties (CHAMP).
Other factors contributing to the increasing production of affordable multifamily rental housing include new programs and strategies, such as an interest rate special that created an incentive for developers to speed up their production schedules, and a market conversion program that provides financing if owners of market rate developments convert a portion of their units to affordable. In addition, the Governor has now authorized CHFA to issue Qualified Energy Conservation Bonds (QECBs) to finance energy efficiency projects for over 900 units of affordable housing. CHFA is one of the only housing authorities in the country to offer this option.
So, on behalf of CHFA, welcome Alicia! You are joining us at an exciting time in the affordable housing industry, with more affordable housing becoming available to individuals and families every month. We look forward to the energy and expertise you bring to our board and our mission.
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