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State GovernmentThe Connecticut Housing Finance Authority (CHFA) was created in 1969 by the state legislature to help alleviate the shortage of housing for low- and moderate-income families and persons in Connecticut. CHFA has helped over 88,000 families and individuals purchase their first home and provided financing for the construction and/or rehabilitation of more than 25,000 units of affordable rental housing. The Homebuyer Mortgage Program offers below-market mortgages, originated and serviced by over 60 participating banks and mortgage companies. CHFA also assists homebuyers through its Downpayment Assistance Program, the new Urban Rehabilitation Homeownership Program, and special programs for teachers, police officers, military personnel, residents of public housing, and persons with disabilities. The Multifamily Housing Program provides financing for rental housing, offering terms not generally available in the commercial market. CHFA also administers several tax credit programs. The federal Low-Income Housing Tax Credit Program awards tax credits to affordable housing developers, who generate equity through the sale of credits to private investors. The state Housing Tax Credit Contribution Program provides a dollar-for-dollar credit to businesses that contribute to the development of nonprofit-sponsored affordable housing. The Employer Assisted Housing Tax Credit Program assists companies to set up revolving loan funds from which eligible employees can borrow to meet their housing needs. For more information: The Connecticut Department of Economic and Community Development (DECD) administers both state financed and federally funded programs to support affordable housing. It offers grants, loans and deferred loans to developers and housing authorities to acquire, build and rehabilitate housing. In 2001, the Legislature enacted a new Flexible Housing and Community Development Program, which is expected to supplant DECD's current patchwork of categorical housing programs. DECD is now preparing policies and procedures to implement the new flexible program. State bonding, authorized by the Legislature and allocated by the State Bond Commission, provides the financing for these housing development activities. In 2001, DECD has over $30 million in bond authorizations from prior years that is potentially available. DECD operates a federal HOME Investment Partnership Program, funded at $11.1 million in 2001, to assist affordable housing construction and rehabilitation. The agency also administers the Small Cities Community Development Block Grant Program, providing $14.8 million this year to local towns, for a range of housing and municipal development activities. A five-year Consolidated Plan for Housing and Community Development and Annual Action Plans govern spending under the HOME and Small Cities Programs. For more information: The Connecticut Department of Social Services (DSS) provides housing-related services through direct grants to municipalities and community based agencies. The department administers two rental assistance programs for low-income families, the state-funded Rental Assistance Program (RAP) and the federal Section 8 Voucher Program. Both programs provide direct rental payments to landlords that fill the gap between what a tenant can afford to pay and the apartment's actual rent. The programs guarantee that minimum housing quality standards are met to insure safe, sanitary and decent housing. DSS funds a network of emergency homeless shelters across the state. It also assists transitional living programs which help facilitate the movement of homeless people into decent housing and a stable living environment. In addition, DSS provides grants to housing programs for people with AIDS and to shelters for victims of domestic violence. The DSS Rent Bank Program provides assistance in paying rent to low- and moderate-income households who are at risk of becoming homeless or are in imminent danger of eviction or foreclosure. A Mediation Program seeks to prevent homelessness through landlord-tenant conflict resolution services. The Security Deposit Program helps at-risk households achieve stable housing by providing landlords with a security deposit guarantee. For more information: Connecticut General Assembly offers detailed information about legislation and the legislative process, including bill status information on a real-time basis. University of Connecticut Department of Finance provides students and others with the knowledge and skills required in a wide range of finance-related fields such as: corporate or business finance, financial management in government and not-for-profit organizations, financial planning, investments, banking, insurance, real estate, public accounting and health systems. |