Since the year 2000, prices of homes in Connecticut have risen up to 70 percent, which is not commensurate with increases in wages and income resources for residents. Rising at a rate that is twice more fast than wages, median home prices have become unaffordable to median wage earners. Residents in the 25 to 34 year old bracket have flocked to other states since 1990 due to lack of affordable housing resources. The rate of loss in this bracket is higher than all the other states. Every 7 minutes, a baby boomer turns 50 and sooner or later this group would all retire and no one from the next age bracket will take over their work and jobs.
This caused a negative impact on the state's businesses and industries which are experiencing labor shortages as workers opt to work in areas where they could afford their homes and have more options and resources. This could cause an economic strain to the whole state. New investors will also be turned away by this scenario for fear that the high costs of housing would drive workers to ask for higher wages for additional compensation.
To remedy this, the state has launched the HOMEConnecticut Campaign to initiate programs that would provide affordable housing resources to working individuals and families of Connecticut. The program aims to improve the quality of life for these families and in doing so would improve the overall economic outlook of the state. With much at stake in this campaign, leaders from the banking, housing and key business industries have teamed up with representatives from academia, land and government agencies to form the steering committee that will drive programs to address the state's affordable housing issues.
In general, the HOMEConnecticut Campaign will focus on solutions and resources to build or rehabilitate housing units and offering them at affordable rates to the state's residents. Target buyers are low-income or fixed-income workers, first-time homebuyers, and young adults and couples. The Campaign aims to get towns, cities and counties involved in creating these housing units and help rebuild their neighborhoods. The Campaign will also work for an increase in federal, state and private funding for these housing development projects that will provide more resources for the citizens and put Connecticut's economy back on track.
In line with the objectives of HOMEConnecticut Campaign, the organization worked with state legislators to pass the Connecticut Housing Program for Economic Growth. This program will encourage resources for housing and economic growth through the involvement of municipalities and local governments in developing common sense methods of providing more housing. This will increase the ability and the resources of the state to attract workers, young professionals and investors to come home to Connecticut and make it more economically stable.
The HOMEConnecticut Campaign have taken strides in their programs and have accumulated over $4 million that will be used for technical assistance and planning that will be granted to towns and municipalities, non-profit developers, organizations that provide housing assistance and other agencies involved in the work. Grants have already been provided to several municipalities ranging from $35,000 to an average of $50,000. More municipalities and towns are seeking assistance in these areas, paving the way for more housing resources all throughout Connecticut.
Samson Paulotti does writeups for homeowners for
Connecticut Restoration and
The Restoration Resource Connecticut
