$8M in Grants For Connecticut Affordable Housing
- Jan 06, 2015
Bristol, Conn.—The Bristol Housing Authority has received three Connecticut state housing grants totaling $8 million aimed at revitalizing its Zbikowski Park development.
“My administration has made increasing the availability of affordable housing a key component of our strategy to jumpstart Connecticut’s economy, because more housing means more jobs, revenue, and business activity,” Connecticut Governor Dannel P. Malloy says. “We have started implementing a detailed plan for the next 10 years that recommends priorities and plots out capital investments to revitalize some of the state’s existing affordable housing and make the properties sustainable for the long term.”
Zbikowski Park currently consists of 90 family units on Lake Avenue and Lilian, Salladin, Armand and Rollinson Roads, and the money will be used for moderate renovations. Planned changes include energy efficient upgrades, interior and exterior improvements, and new mechanical systems.
“We are so appreciative of the continued commitment by Governor Malloy to make affordable housing a top priority Mitzy Rowe, Bristol Housing Authority’s CEO, says. “The significance of these grants cannot be overstated. They will ensure the development receives the critical improvements its residents deserve and will be proud to call home.”
DOH will provide approximately $1.84 million in conjunction with CHFA resources of $3 million in tax-exempt bond financing and approximately $2.65 million in equity from 4 percent Low-Income Housing Tax Credits.
The source of the funds is part of the state Department of Housing’s 10-year $300 million State-Sponsored Housing Portfolio Revitalization Initiative. Overall, the state awarded $19.2 million in grants to help revitalize affordable housing communities in nine Connecticut towns and cities.