Gerratana: State Investment Bringing Major Improvements to Affordable Housing to New Britain

State grant announced for improvements at Security Manor

WASHINGTON, D.C. – November 25, 2013 – (RealEstateRama) — Senator Terry Gerratana joined Governor Dannel P. Malloy in announcing a predevelopment grant for Security Manor in New Britain. Security Manor is one of seven affordable housing facilities that will receive grants for architectural design, environmental studies, and other early-stage development costs.

“Investing in New Britain’s affordable housing has a beneficial impact on the city as a whole, as well as residents of the buildings,” said Senator Terry Gerratana. “Ensuring that people have access to safe, sustainable living spaces increases their likelihood of holding a good job and contributing to the local economy. I want to thank Governor Malloy for his role in ensuring New Britain’s housing department receives this much-needed funding.”

The grant announced this week will be given to Faith Asset Management for renovations to Security Manor in New Britain. Various improvements are planned at this location, including several infrastructure issues and asbestos removal.

“Increasing the availability of affordable housing is a top priority because the benefits extend far beyond the families and communities immediately impacted,” said Governor Malloy. “More and more, we understand the economic results—studies show that affordable housing increases spending and employment opportunities, boosts revenue for local governments, and reduces foreclosures and the negative associated costs. Expanded housing options for our workforce also give employers a competitive advantage when trying to attract top talent to their companies.”

This week’s announcement of funding for affordable housing locations across Connecticut is part of a 10 year commitment made by Governor Malloy to provide affordable housing options for seniors, young professionals, working families, and other residents. The funding will require the State Bond Commission’s approval, which is expected to happen at their next meeting.

Contact: Dan Doyle
860-240-8633