Affordable Housing Finance Study
The Western Connecticut Council of Governments (“WestCOG”) engaged Goman York Property Advisers LLC (“Goman+York”) to study financing methods for creating qualified affordable housing units as defined by §8-30g of the Connecticut General Statutes. The goal was to provide cost-effective recommendations and best practices for expanding the supply of these units. This study seeks to answer and provide actionable responses to:
- What is the most cost-effective way to expand the supply of §8-30g qualified affordable housing units?
- Which methods or combination of methods are (most) viable to reach a) moratorium and b) the 10% threshold under §8-30g?
This study considered factors influencing housing production and cost, including market, regulatory, spatial, temporal, and financial forces. The Goman+York team analyzed the WestCOG housing market, regulations, financing, government incentives, housing products, and the financing and cost of housing production. The study further reviewed different affordable housing programs and incentives and discovered an innovative approach to creating affordable housing. This Executive Summary provides overviews of the study’s sections, including the findings and recommendations.The video below is a recording of the presentation given by GOMAN + YORK at the July 2024 COG meeting.
Video Presentation Summary of the Report