ECHO will receive $400k from the state
New London ― Eastern Connecticut Housing Opportunities, Inc. is one of five nonprofit housing agencies in the state receiving funding from the state for a new pilot program.
The state Department of Housing is launching a pilot program that will provide $3.2 million to the agencies to support their operating and pre-development expenses, according to a news release.
Gov. Ned Lamont and Housing Commissioner Seila Mosquera-Bruno announced the program Tuesday.
ECHO will receive a $300,000 loan for pre-development uses, such as design work and studies, and a $100,000 grant to hire a new employee.
Julie Savin, Echo’s CEO, said a small portion of the pre-development loan will go towards the organization’s mixed-income development on Bayonet Street and the rest will go to other projects it is working on.
Savin in the release said she is grateful to Lamont and Mosquera-Bruno for creating the program. She said it gives the agency the power to conduct the housing design and pre-construction activities necessary for the creation of desperately needed housing in the state.
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