Affordable Housing, Community Development, Fact Sheets

The Studies Are Consistent: Housing Creates Jobs, Revenue & Economic Activity

 

Housing construction and rehabilitation has been shown to have a substantial positive impact on the state’s economy, including the ability to help the state generate new revenues. Housing development creates jobs, particularly jobs in the construction and service industries. It also provides much needed housing for Connecticut’s moderate and low income households, making the state more attractive for workers and businesses.

Connecticut Housing Trust Fund - DECD Analysis

$57M investment resulted in:

  • $519M in leveraged funds
  • 2,200 units

A Partnership for Strong Communities analysis of the Housing Trust Fund using NAHB and Boston Foundation models found it created:

  • Over 4,000 jobs
  • Up to $28M one-time and $14M recurring state & local revenue
  • Hundreds of millions in economic activity

Connecticut Housing Finance Authority

$75M in capital funding for affordable housing would produce:

  • 2,600 jobs, 800 units, $340M economic activity, $29M state revenue if leveraged with 9% LIHTC
  • 1,700 jobs, 2,000 preserved units, $198M economic activity, $18M state revenue if leveraged with 4% LIHTC
  • 880 jobs, 260 units, $115M economic activity, $9.6M state revenues if funding entire development cost

CT Housing Tax Credit Contribution Program - DECD Study

$40M in state tax credits generated:

  • 6,100 jobs
  • $58M net state revenue
  • 2,664 housing units
  • $573M in leveraged funds

National Association of Home Builders

1 housing unit creates:

  • Jobs: up to 3.24 short-term and 0.53 long-term
  • Personal, Business Income: $73K to $221K one-time, $23K to $31K recurring
  • State, Local Revenue: up to $22K one-time, up to $7,400 recurring

Boston Foundation

Study for Partnership for Strong Communities shows:

  • 1 SF Unit = $12,400 one-time state revenue (income, sales tax), $4,000 recurring
  • 1 MF Unit = $7,400 one-time state revenue (income, sales tax), $4,000 recurring

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