Connecticut approved 90 to 100 thousand housing units throughout the state on Oct. 25. With division in the state Congress, this project has been in the works for several years and has made strides to ending the homelessness crisis in Connecticut.
After a convention held by the state Department of Housing and the Connecticut Housing Finance Authority, Governor Lamont said the current outlook is positive. Under his administration, Lamont has passed more housing market legislation than any in the past 10-15 years. Earlier in the same week, the State Bond Commissions were also run by Gov. Lamont and the Democratic party approved a 40-million-dollar bill to further expand on the growing housing market. The “Time-to-Own” program will give forgivable loaning and down payments on housing arrangements for 4,800 home buyers in 140 out of 169 municipalities around the state.
“Having more affordable housing as a resident in Connecticut from school would change people’s outcomes around here as well with the residents. Seeing people struggle to find a place to live, homeless or not, makes an impact on everyone,” said Hannah Ferrara, a senior Communications major at the University.
Lamont said to Connecticut residents that their neighborhoods would not be significantly altered by the new housing developments.
“I’m a lot more interested in taking that old parking lot, that old brownfield, that old shopping center, and bringing that back as affordable housing for people in their communities,” he said.
Local municipalities are also working closely with state officials to ensure that new developments align with existing community standards and needs.
Ferrara said “some of the houses in New Haven are not up to codes in the way they should be. Safe and affordable housing should be available to all, being a college student, sometimes you take what you can get, and what you can get isn’t always the safest. I wish there were more options for everyone; I hope this program does that.”
As younger generations flock to Connecticut’s urbanized land, the state is experiencing a surge in job openings, but many positions remain unfilled due to a critical shortage of affordable housing options. Senate Majority Leader Bob Duff said, the housing-to-job ratio is currently at a 1:1 and “for every 100,000 job openings, there are 100,000 that remain open because there’s no housing available to fill them.”
This shortage poses a major obstacle to economic growth, as the lack of affordable housing limits both recruitment and retention of talent. Connecticut’s plan aims to address these challenges by focusing on low-income residents who are particularly affected.
“The lack of affordable housing is holding our state back,” Duff said. “Expanding affordable housing options can unlock the potential of our workforce and boost the state’s economy.”
For Connecticut residents interested in affordable housing assistance, information about the “Time-to-Own” program, such as understanding the application details, is available on the Connecticut Housing Finance Authority website. The program is expected to benefit a broad range of individuals and families, giving them access to forgivable loans and down payment support, making homeownership more attainable. The program’s start date has not been released at this time but the approval has been granted
