BROOKFIELD, Conn. -- Gov. Dannel Malloy announced this week a state funding package aimed at affordable housing that includes a $4.5 million low-interest loan to Bookfield Village.
The development plans to include 48 affordable-housing units.
The entire $78 million housing investment involves projects across the state to create more affordable housing and generate economic growth.
Malloy's plan will go before the state Bond Commission for approval at the boards' 10:30 a.m. meeting Friday in Room 1E of the Legislative Office Building in Hartford.
A big part of the spending package is a statewide $17.1 million to advance Connecticut's goals to end homelessness, as well as help with home modifications for the elderly and people with disabilities.
In Brookfield, the $4.5 million loan has a 1 percent interest rate and 42 years for repayment. The state will defer payments for 30 years, officials said.
"This is all part of a massive, long-term revitalization strategy, which is why we're doing more on housing than ever before," Malloy said."It's key to economic growth."
Making Connecticut livable and affordable is key to attracting businesses and jobs, officials said. Revitalizing housing helps to revitalize the economy as well, they said.
"Ensuring that our labor force can live in the towns where they work and that we have an eye on the whole picture -- transit, commerce, green space, and housing -- makes Connecticut a stronger and more competitive state," Lt. Gov. Nancy Wyman said.
This new plan builds on what's already been done in affordable housing throughout the state. Since the beginning of the Malloy administration in 2011, the state has provided money to build 17,897 housing units across Connecticut, officials said.
In 2015, the state made investments to help create, rehabilitate, and preserve 11,881 housing units, officials said.
"What we know is that when people have access to quality, safe, and affordable housing it's a cost saver," said Evonne Klein, Connecticut's department of housing commissioner. "It provides stability to our state's most needy who tend to cycle in and out of expensive public systems like emergency rooms and jails."
Click here to sign up for Daily Voice's free daily emails and news alerts.