CT doubling affordable-housing pool to $330M

Gov. Dannel P. Malloy announced Thursday plans to more than double the funding for affordable housing projects in Connecticut as he seeks to create more lodging opportunities for low and moderate-income residents.

Malloy said he will commit more than $330 million to bolster affordable and supportive housing across the state, on top of last year's $130 million commitment.

The funds will be used to bring deteriorated and vacant units back on line, increase affordable housing options, re-invigorate the state's elderly congregate housing, and assist low-income families with securing affordable and sanitary housing.

Malloy's proposed investment will use bonded funds that are part of his revised two-year budget plan to be unveiled Feb. 8.

It is estimated that these housing initiatives will create or retain over 6,700 construction and other related jobs.

In addition, Malloy is proposing a reorganization of the state's housing functions into a new State Office of Housing within the Department of Economic & Community Development.