Dodd Brings Hartford Housing Expert to Washington to Testify on Housing Challenges Facing Connecticut Residents

October 20, 2009 - (RealEstateRama) — Today, Senator Chris Dodd invited Diane Randall, Executive Director of the Hartford-based Partnership for Strong Communities, to testify on housing challenges facing Connecticut residents at a Senate Banking Committee hearing on the State of the Nation’s Housing Market.

Randall was a part of a distinguished collection of witnesses that also included Shaun Donovan, the Secretary of the Department of Housing and Urban Development.

“Whether they’re renting, hoping to own a home, or looking to use their equity to build a more secure financial future for themselves and their families, the American people need a stable housing market,” said Dodd. “And it’s up to us here to make sure they can rely on one.”

“Let me say something about Diane Randall from my home state of Connecticut. She is doing tremendous work in our state to fight for affordable housing. But these days her job could not be tougher,” Dodd said.

Ms. Randall detailed a number of problems facing Connecticut residents. “Let me give you a snapshot of the picture in my state—Connecticut—a wealthy state that nonetheless has deep pockets of poverty, with an unemployment rate of 8.1% which, while less than the nation’s 9.7% unemployment rate, shows no signs of declining.”

• “In Connecticut, nearly half (48.2%) of renting households pay more than 30% of their income for housing. For many of these folks, managing the family budget is high wire act, deciding among the priorities of food, healthcare, transportation or clothing. Forget things like music or dance lessons for the kids or even a trip to the movies.”

• “Connecticut’s suburban and rural towns have very little supply of multifamily housing, especially affordable housing. This results in relatively few rental homes available and affordable to Connecticut’s low-income population.”

• “The “housing wage” for renters in Connecticut has risen to $21.60 hour in 2009 from about $14/hour in 2001. In order to afford a 2 bedroom rental home, a family would need an annual income of more than $45,000, more than the median wage of nearly half the occupations in Connecticut.”

• “The percentage of Connecticut homes valued under $200,000 shrunk from more than 65% of the total in 2000 to less than 20% in 2008. Even if they could muster the down payment and receive a tax credit, low-income households have few opportunities to become homeowners in Connecticut due to very high housing prices and limited supply.”

“Those statements could be made, I suspect, by her counterparts in almost every state across the country,” Dodd concluded.

The committee also heard from Senator Johnny Isakson (R-GA), sponsor of legislation to extend and expand the Homebuyer Tax Credit. Senator Dodd is a co-sponsor of this legislation.

Testimony and webcast available

Tagged as: Chris Dodd, Housing Market, Senator

 

 

 

 

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