The Federal Home Loan Bank of Boston announced that eight affordable housing developments in Connecticut will receive a portion of the $56.4 million allocated to finance 1,100 units across seven states.
The grants, loans and interest-rate subsidiaries were provided through the Affordable Housing Program (AHP). The funds were awarded through member financial institutions to projects that will create or preserve affordable rental and ownership housing. In total, $29.5 million were awarded as grants and subsidies, with the balance coming as subsidized advances or loans. AHP funds will be used to create or preserve affordable housing and help pay construction, acquisition or rehabilitation costs. The various financial institutions, listed by project on the FHLB website, work with local developers to apply for AHP funding, which is awarded through a competitive scoring process.
The Connecticut awards are as follows:
- 273-301 West Ave., Bridgeport – $573,748 grant and subsidy, $600,000 advance
- 11 Crown St., Meriden – $1.45 million grant and subsidy, $4 million
- Meriden Commons I, Meriden – $1.5 million grant and subsidy, $2.4 million advance
- 511 Sterling Road, Sterling – $23,000 grant
- Parker School Elderly Housing, Tolland – $1.27 million grant and subsidy, $1.85 million advance
- 7 Killeen Road, Uncasville – $25,000 grant
- 681 Raymond Hill Road, Uncasville – $25,000 grant
- Jonathon Trumbull Terrace, Willimantic – $750,000 grant
For the full award details, visit the FHLB website.
