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Affordable Housing

Yes, in our back yard

Did you know that our state has the 8th highest “housing wage” in the nation?

This is the hourly wage a person working 40 hours a week would need to earn to pay for the average two-bedroom apartment, without spending more than 30% of their income on rent. In Connecticut, the housing wage is currently $24.29.

That means that someone earning the minimum wage of $9.15 per hour would have to work 106 hours per week to afford that two-bedroom apartment. What’s more, almost half of Connecticut renters pay more than 30% of their income on housing — leaving them less to spend on the other necessities of life, and no cushion to protect them against life’s little surprises.

That’s why our foundation has adopted the creation of affordable and supportive housing as a key funding priority. When families don’t have a stable, affordable roof over their heads, it’s almost impossible for them to achieve stability or success in any other aspect of life.

Here are some examples of items and activities we support with our affordable housing grants:

  • Construction or rehabilitation costs for affordable and supportive housing projects
  • Pre-development costs, such as market feasibility surveys
  • Technical assistance to local developers and housing groups, usually offered by a larger nonprofit
  • Education and advocacy efforts that build community support for affordable housing
  • Foreclosure and eviction prevention programs
  • Repair and renovation services that allow low-income homeowners to remain in their homes

Our investment in housing goes beyond grant dollars. We work to convene nonprofits, government, businesses, faith communities, and others to collaborate on housing issues. Our foundation is a member of several regional coalitions on housing and homelessness, working side by side with partners from various sectors on long-term solutions to prevent and end housing crises. We also engage in advocacy at the state and local level to help move projects forward and keep funds flowing.

As we work with nonprofit housing partners, we look for ways to leverage the resources of Liberty Bank for their benefit: technical expertise, education programs, financing, and influence. We have experts on our staff who know the ins and outs of financing affordable housing developments, and they’re happy to share what they know.

 
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