Connecticut continues to face a critical housing shortage and the legislature continues to battle over the best way to cure it, particularly when it comes to affordable housing. Governor Lamont’s 2024-2025 biennial budget proposal looks to invest $600 million towards the development of affordable and workforce housing using a mix of state and federal resources, with the goal of creating 6,400 new units over the budgetary two years. In addition to increased funding for affordable housing developments, $200 million ($100 million annually) is uniquely earmarked for expanding workforce development housing, which is housing for individuals with a household income of 60% to 120% Area Median Income. This significantly increases the umbrella of multifamily development projects that could be eligible for State funds.
In addition, the Governor’s policy proposals for 2023 include Senate Bill 985, An Act Incentivizing Housing Production, outlining several steps to encourage the creation of new housing units for low and middle-income families and transit-oriented development. Additional details on SB 985 are available here.
Carmody is actively monitoring these and other legislative proposals impacting housing. If you’d like to learn more about these initiatives, and how they may impact your development goals, please contact:
Carmody is actively monitoring these and other legislative proposals impacting housing. If you’d like to learn more about these initiatives, and how they may impact your development goals, please contact author Meaghan M. Miles or any member of our Real Estate & Land Use Team.