The Connecticut Housing Finance Authority will use funding from the State Bond Commission to support three key housing initiatives in underserved communities.
CONNECTICUT, USA — The State Bond Commission has approved $87 million in funding to support three major housing initiatives across Connecticut.
The Connecticut Housing Finance Authority, or CHFA, announced the good news on Monday.
The investment includes $35 million for the Time To Own program, which offers down payment assistance to first-time homebuyers; $50 million for the Build For CT initiative, supporting middle-income rental housing and $2 million for the Small Multifamily CDFI Loan Program, which helps rehabilitate small-scale rental and ownership properties.
“We know that housing is more than shelter—it’s the foundation for health, economic security, and community connection,” said CHFA CEO Nandini Natarajan.
According to Natarajan, the investments represent a commitment to comprehensive solutions.
"Whether it's helping a teacher afford an apartment near her school, a first-time buyer purchase their home or a small landlord reinvest in their neighborhood, we are funding the future of Connecticut," Natarajan said.
Time To Own has helped nearly 6,000 homebuyers in 151 towns by offering forgivable loans to cover down payments and closing costs. More than half of these homebuyers identify as people of color. The $35 million will enable CHFA to keep providing this resource to help more people overcome barriers to homeownership.
Sign up for the FOX61 newsletters:Morning Forecast, Morning Headlines, Evening Headlines
The Build For CT program, which requires at least 20% of units in market-rate developments be set aside for middle-income renters, has helped create over 2,500 units statewide to date. The $50 million will allow CHFA to address the housing needs of essential workers and others who often fall into the "missing middle" of the housing market.
“Housing is at the center of opportunity—and these investments reflect our deep commitment to expanding that opportunity statewide,” said Department of Housing Commissioner Seila Mosquera-Bruno.
Mosquera-Bruno added that both Time To Ownand Build for CTare helping more Connecticut residents discover affordable, stables homes while remaining in the communities they work and raise families in as well as contribute to the economy.
"We're proud to partner with CHFA to keep these programs growing," she said.
The Small Multifamily CDFI Loan Program brings residents flexible financing for small-scale developers to rehabilitate multifamily and single-family properties, which often serve as naturally occurring affordable housing.
The $2 million will help CHFA continue partnering with Community Development Financial Institutions to target investment in under-resourced neighborhoods.
For more information, check out theCHFA website.
RELATED: Eastern Connecticut foundation awards $60,000 to 2 early childhood programs
RELATED: Connecticut invests $30 million to incentivize, increase home ownership opportunities
Do you have a story idea or something on your mind you want to share? We want to hear from you! Email us atnewstips@fox61.com.
HERE ARE MORE WAYS TO GET FOX61 NEWS
Download the FOX61 News APP
iTunes:Click here to download
Google Play:Click here to download
Stream Live on ROKU:Add the channel from the ROKU store or by searching FOX61.
Steam Live on FIRE TV: Search ‘FOX61’ and click ‘Get’ to download.
