Doug McCrory

McCrory Welcomes State Aid for Hartford Housing

State Senator Doug McCrory (D-Hartford) today welcomed an announcement by Governor Dannel P. Malloy that nearly $11 million in state funding has been approved to support the development of seven affordable housing projects in the state, including Willow Creek Phase II in Hartford, which is the second redevelopment phase of Bowles Park, near the University of Hartford.

Willow Creek Phase II will consist of 43 new units: 38 units for households with incomes up to 60 percent of Area Median Income, with eleven units of project-based Section 8 rental subsidies, nine supportive units for homeless individuals and families with special needs, and five market-rate units.

The Willow Creek Phase II Bowles Park project is within walking distance of schools, retail establishments, and neighborhood recreation centers.

“I understand the funding mechanism involved here is attractive to developers, and that building these homes creates jobs and economic activity,” Sen. McCrory said. ‘I’m all for that. That’s all well and good. But the bottom line for me is that we’re building new, affordable homes for people who need them, who are going to use these new units as the centerpiece of their lives, to raise a family, to be a part of the community, to do good. That’s what we all want, a place to call home. To me that’s the best outcome from this announcement today.”

Funding for Willow Creek and the other projects comes through federal Low Income Housing Tax Credits (LIHTC) program, which is administered by Connecticut Housing Finance Authority.

This year marks the 30th year of the LIHTC program; it is one of the oldest public-private partnerships and has a long track record of success, delivering thousands of units of affordable housing. By selling their tax credits to investors, developers can obtain equity financing to acquire, rehabilitate, and construct new low- or moderate-income housing.

Overall, aid for the seven multifamily housing development announced today will create a total of 578 rental units, with 401 designated as affordable and 177 as market rate. The properties are projected to generate 964 jobs, $333.5 million in economic activity, and $18.92 million in net state revenue.