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State Approves $4.5M Low Interest Loan For Brookfield Village

Connecticut Gov. Dannel Malloy announced this week a $78 million plan to build and revitalize affordable housing throughout the state.
Connecticut Gov. Dannel Malloy announced this week a $78 million plan to build and revitalize affordable housing throughout the state. Photo Credit: Jay Polansky

BROOKFIELD, Conn. — A state funding package aimed at affordable housing includes a $4.5 million low-interest loan to Brookfield Village.

Plans for the development in Brookfield include 48 affordable-housing units.

Gov. Dannel Malloy announced the approval last Friday.

The entire $78 million housing investment involves projects across the state to create more affordable housing and generate economic growth.

Malloy's plan was approved by the State Bond Commission last week.

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, he 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, Malloy said. 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 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."

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