Bridgeport Wins State Grant To Support Affordable Housing

BRIDGEPORT, Conn. – A program in Bridgeport that provides financing for affordable housing in the city is receiving a $1 million grant from the state to support its work, Gov. Dannel Malloy announced.

A dozen separate financing sources were used to complete the affordable housing at Maplewood Court in Bridgeport.
Photo Credit: *Mutual Housing Association Of Southwestern CT*

Daily Voice

09/25/2014 5:00 a.m.

The state is awarding $10,649,077 in grants and loans to eight projects and programs that will create 131 units of affordable housing throughout the state, Malloy announced.

“Increasing the supply of all types of affordable housing is one of the best ways we can build stronger communities, reduce homelessness, promote transit-oriented development and improve the quality of life for our residents,” said Malloy. “These are smart investments that are making a real difference in peoples’ lives.”

The Bridgeport Affordable Housing Loan Program will receive a $1 million grant. It will be provided to ComCap, a nonprofit organization that has provided over $25 million and assisted in the development and rehabilitation of over 1,000 units. The money will provide financing for the development and preservation of affordable multi-family rental housing for low- and moderate-income families in Bridgeport.

This funding will focus on financing projects in transit-oriented neighborhoods with a projected goal of developing or rehabilitating 40 units of transit-oriented rental housing with this funding.

Two projects in Stamford will receive loans:

Fairfield Commons II Supportive Housing: $1,187 million loan to Mutual Housing Association of Southwest Connecticut to construct Fairfield Commons II, a six-unit development that is the second phase of a 12-unit total supportive housing development located in Stamford. The entire development is new construction and the first phase, currently underway, will be completed this fall.
Beacon II: The Shelter for the Homeless will receive a loan of $1,460,480 to develop 31 enhanced single-room occupancy units and one efficiency apartment for homeless persons with incomes below 25 percent of the area median income. Shelter for the Homeless will create these units through the rehabilitation of properties on Ann, Spruce, and Berkeley streets in Stamford’s West End. The Beacon II project is the most recent housing project being completed by Shelter for the Homeless. Prior projects include Berkeley House and Beacon I on Stone Street.

Grants and loans were also awarded for projects in Hartford and New Milford as well as to the statewide Connecticut Housing Coalition Affordable Housing Academy. Habitat for Humanity of Eastern Connecticut and Hartford Area Habitat for Humanity also received funds.

All of the projects and programs are funded through the state’s Affordable Housing Program, which provides grants, loans, loan guarantees, and deferred loans for the development and preservation of affordable housing. Funds from the program, administered by the Department of Housing, can be used for new construction, rehabilitation, demolition and the redevelopment of vacant properties.

Click here to follow Daily Voice Bridgeport and receive free news updates.