Public Subsidies, Housing Tax Credits, and Private Equity: Making a Development Deal Work in Connecticut
Navigating local zoning laws? Scouting out the perfect site to build? Assembling the right mix of public and private funding? Housing development, especially multifamily development, isn’t easy. It’s a complex and politically sensitive process. To be successful, multifamily developers need the right tools to make a deal work. This usually requires a mix of public capital dollars, tax credits, investor equity, and bank loans. The need for public financing only grows as the scale of a project increases. Successful developers often partner with a public affairs firm in order to navigate these tough hurdles and a slow-moving state bureaucracy that is essential to getting all approvals in place so you can get your shovels in the ground as soon as possible.
O’Neill and Associates, New England’s leading government affairs, communications, and community relations firm has been helping our clients achieve their goals in the housing development sector for decades. We have associates and senior leadership with broad experience in the multifamily and local permitting sector which makes our reach and results unparalleled.
Since 2011, housing capital dollars and low-income housing tax credits in Connecticut have been made available to the tune of nearly $1.5 billion. However, over the last year, that essential funding has been in steep decline. This makes the need for a government relations and messaging strategy all the more important for a successful developer to expand their portfolio across the state. Our firm is capable of generating local support for controversial projects, establishing third party validation, and lobbying both the legislative and executive branch agencies to ensure a proposal is given fair review.
The increased demand among millennial’s and young families for a non-traditional, multifamily housing option is on the rise; especially in Connecticut’s major cities. If a developer is going to tap into these robust markets, a government relations plan will be essential to any successful growth strategy.