A new wave of funding is on the way for a state housing program building more affordable housing for middle-income families.
The Build for CT program, administered by the quasi-public Connecticut Housing Finance Authority (CHFA), in the days leading up to Christmas received an additional $50 million from the state’s bond commission.
Created in 2023, Build for CT and has since created about 1,900 new rental units. More than 500 of the affordable homes built in the program are reserved for residents earning between 60% and 120% of the Area Median Income (AMI).
For the Hartford area, this would amount to a two-person household earning between about $56,000 and $113,000 annually, according to a 2023 program report.
The program provides low-interest financing for market-rate developments that set aside at least 20% of the apartments for middle-income renters.
“By addressing the 'missing middle,' we are helping communities retain their workforce and supporting a more stable and resilient economy,” Department of Housing Commissioner Seila Mosquera-Bruno said.
Connecticut is in the midst of a housing crisis and is in need of nearly 100,000 more affordable homes statewide.
More than 1 in 4 rental homes affordable for households earning less than 80% AMI are occupied by households earning more than that threshold, according to CHFA.
“Build For CT allows us to offer them more affordable housing choices closer to their jobs, schools, and essential services,” CHFA Executive Director Nandini Natarajan said. “This new funding will empower developers to move forward with projects that provide these critical housing opportunities, strengthening our neighborhoods and supporting local economies.”
