The state is making $25 million in new funding available to build and renovate affordable rental units in Connecticut.
Gov. Dannel P. Malloy announced Monday that the funding will allow 250 rental housing units to be built or remodeled. Owners and developers can apply for loans or grants from the Department of Economic and Community Development through the Competitive Housing Assistance for Multifamily Properties initiative. Applications are to be submitted to the DECD by April 13.
Projects will be rated and ranked based on their rental affordability, local commitment and financial feasibility. The DECD will also consider an applicant's capacity and experience.
Earlier this month Malloy added more than $330 million to state spending on affordable housing, raising the state's total commitment to nearly $500 million over 10 years.