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With Credit Upgrade, Connecticut Begins Borrowing For More Projects

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Connecticut’s bond commission approved borrowing about $340 million for state projects, including tens of millions to build more affordable housing.

They range from 10 units in Salisbury, in the state’s northwest corner, to more than 250 in the capital of Hartford. Governor Lamont said more affordable housing is good for the economy, for families and helps efforts to end homelessness.

“Over the last couple years, we’ve been pretty scrupulous about our borrowing. But that said, what I hope is on the back end of a pandemic with incredible needs out there and historically low interest rates, we have a more aggressive bond agenda,” Lamont said.

Moody’s upgraded the state’s bond rating last month — moving it into the high-quality category for the first time in 20 years. Treasurer Shawn Wooden said it’s great news for the state.

“We cannot leave behind those in the real economy on Main Street. There remains a lot of people struggling in our state, and not everyone is recovering at the same rate from this pandemic and economic downturn,” Wooden said.

State leaders also approved borrowing for economic development, brownfields remediation and the State Pier in New London, among other projects.