Advocates believe Connecticut is in the midst of a housing crisis. They say the cost of housing at all levels is pricing out renters and potential owners who only a short time ago could afford their homes.
People are forced to move, these advocates say, because the apartment they could afford two years ago has now become far too expensive. For the first time in years, this has increased housing instability and homelessness in Connecticut.
Fionnuala Darby-Hudgens, director of operations for the Connecticut Fair Housing Center, told a story to illustrate the problem. One Connecticut town, seeing that there was a lack of affordable housing, decided to encourage potential homeowners to seek loans through the Connecticut Housing Finance Authority.
To qualify for a CHFA loan, as they are called, the property value must be below a certain threshold. “Naturally, it should have limits on how much you can spend on a home if you're going to purchase that home with a subsidized mortgage,” Darby-Hudgens said.
But, when officials looked at property values, “there wouldn't be a single home within the town,” she said, “that qualified for a mortgage based on the cost of housing.”
Why advocates say CT is experiencing ‘housing crisis’, Jordan Fenster, CT Insider, April 24, 2022, available here