ROCKY HILL, Conn., (October 20, 2015) – The Urban Land Institute (ULI) Terwilliger Center for Housing has awarded the Robert C. Larson Workforce Housing Policy Award to the Connecticut Housing Finance Authority’s (CHFA) Small Multifamily Rental Development Strategy. The award recognizes exemplary state and local programs, policies, and practices that support the production, rehabilitation, or preservation of affordable and workforce housing. The Palm Beach County Workforce Housing Program also received the Larson Award.
“CHFA’s Small Multifamily Rental Development Program continues to be very successful, as it brings public and private financial resources and expertise together to create much-needed affordable housing in the most efficient way possible,” said Karl Kilduff, executive director of CHFA.
“By partnering with Community Development Finance Institutions (CDFIs) like The Local Initiatives Support Corporation, The Greater New Haven Community Loan Fund and the Hartford Community Loan Fund, more than 2,200 units of affordable and mixed-income housing have been created, transforming the lives of state residents,” said Diane Smith, assistant director multifamily department. The program is designed to help meet the needs of small multifamily developments in Connecticut, which make up a substantial share of the affordable housing stock but often struggle from lack of access to technical expertise and financial resources. CHFA conducted an assessment of the market and determined that nearly 10 percent of housing units in Connecticut are in structures with 5 to 19 units. CHFA’s strategy centers on a partnership with the state’s CDFIs which provide the knowledge and capacity to serve smaller properties and their owners with both financing and technical assistance.