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March 28, 2014

Malloy calls for $300M affordable housing investment

Gov. Dannel P. Malloy said he wants to spend $300 million over the next decade to revitalize nearly 14,000 units within the state’s affordable housing portfolio.

It would be the biggest commitment to affordable housing in decades, the governor said in a statement.

“Unfortunately, Connecticut languished in its affordable housing commitments, and now is the time to revitalize these properties and strengthen our communities,” Malloy said. “Housing is a key component of our success to get Connecticut moving again, serving as an economic driver that will build strong neighborhoods, attract businesses, create jobs, and offer residents an attractive place to work and live.”

Malloy unveiled a capital plan that he said the state’s Housing Finance Authority and Department of Housing will use as a roadmap.

The two agencies are reviewing proposals for consultants to manage the pre-development phases of the construction and other work needed to fix up the properties.

The report stems from a detailed review of the physical, financial and market conditions of more than 340 properties in the state’s sponsored housing portfolio. Of that number, 33 could see renovations this year and next.

The report also calls for the state to leverage private equity through the use of federal low income housing tax credits and loans.

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