We’ve said it before, but if you’re just joining us … It’s tough for working families to find affordable housing in the state. At $269,000, Connecticut has the eighth highest median home value across the US, which results in a median monthly mortgage commitment of $2,000. Rental costs in many towns are equally elevated.
The federal government’s rule of thumb is that housing cost should not exceed more than 30 percent of a family’s monthly income (in order for the family to be stably housed). Yet in Connecticut, there is a glaring mismatch between what people earn and what they pay for housing.
In the state’s population centers, such as Bridgeport, Hartford, New Britain, New Haven, and Waterbury, one-third or more of families are paying more than 30 percent of income to keep a roof over their heads.
We’ve said this before, too … Connecticut needs more affordable housing! The National Low Income Housing Coalition estimates that the state has a 77,000 unit deficit for families earning 50 percent or less of area median income.
In the last 10 years, Connecticut has invested in about 20,000 units of affordable housing. And, good news, now more is on the way. The State of Connecticut has announced it will award more than $61.5 million in grants and loans to help create, rehabilitate, or expand 24 housing developments in 20 towns and cities across the state. The investments will create or rehabilitate 978 homes.
Many of these homes are coming to communities where Liberty Bank has roots, such as: Essex, Colchester, Glastonbury, Hartford, Naugatuck, New Haven, Norwich and West Hartford. read the press release
In the last year, some very difficult state-budget choices were made, and we appreciate the state’s continued support for helping working families stay affordably housed. We also salute our partners that are working towards creation of more affordable housing: