STAMFORD, Conn. -- Gov. Dannel Malloy recently announced Stamford will receive a $7.3 million loan to assist with the development of 47 affordable housing units and 31 market rate housing units during the fourth phase of the Vidal Court revitalization project.
The money is part of more than $78 million in state bonds being released across the state for investment in affordable housing in an effort to help towns and cities foster economic growth, create livable communities and attract businesses, Malloy said.
"This is all part of a massive, long-term revitalization strategy, which is why we're doing more on housing than ever before. It's key to economic growth. As we expand access to quality, affordable housing, we're creating more livable communities and making ourselves more attractive to companies," Malloy said. "The availability of affordable housing is an economic driver that attracts business and jobs, and makes communities more vibrant places to live, work, and raise a family. If we want to have a quality workforce, and if we want to be economically competitive, it's important to have quality housing."
The package of nearly $78 million in investments are scheduled to be approved during a meeting of the State Bond Commission at 10:30 a.m. Friday in Room 1E of the Legislative Office Building in Hartford.
The projects include $17,150,000 to advance Connecticut's goals to end homelessness, expand the stock of affordable housing statewide and assist with accessibility home modifications for the elderly and people with disabilities.
"We're making real progress across the state and building affordable housing at an unprecedented rate," Department of Housing Commissioner Evonne Klein said. "Governor Malloy has made housing creation a priority and these strategic investments are good for the residents of our state, good for the economy, and good for local business. What we know is that when people have access to quality, safe, and affordable housing it's a cost saver. It provides stability to our states most needy who tend to cycle in and out of expensive public systems like emergency rooms and jails."
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