The Federal Home Loan Bank of Boston will provide $8.8 million in grants, loans, and interest-rate subsidies to finance affordable housing projects in Connecticut.
The funds, which are being provided through FHLB’s Affordable Housing Program, will be used to pay for 157 units of affordable rental and ownership housing for households earning at or below 80 percent of area median income.
The money can help pay construction, acquisition, or rehabilitation costs and financial institutions that belong the FHLB Boston can work with local developers to apply for AHP funding, which is awarded through a competitive scoring process.
The application deadline for next year’s AHP awards is Sept. 30, 2011.
“The need for safe, decent affordable housing remains critical in these challenging times,” said Edward A. Hjerpe III, the Bank’s president and CEO. “Beyond increasing the supply of housing, these funds will help create jobs and stimulate economic development in Connecticut.”
