Connecticut Department of Housing | Office of Communications

Contact: Meghan Bard| meghan.bard@ct.gov

For release: December 13, 2023

DEPARTMENT OF HOUSING COMPLETES FINANCING FOR SIX NEW AFFORDABLE HOUSING DEVELOPMENTS

The Connecticut Department of Housing (DOH), along with the Connecticut Housing Finance Authority (CHFA), is announcing today that it has signed financing agreements for six developments that will create a total of 251 affordable housing units as well as a project that will provide 68 beds of emergency shelter. DOH is providing a total of $33,736,971 in financing for developments in Mansfield, West Hartford, Waterbury, New Haven, Farmington and Hartford. CHFA is providing an additional $72.6 million in financing as well as tax credits that will generate more than $58.4 million in private investment.

The total development cost across those housing developments is $134,927,020, and the affordable units will be earmarked for residents making between 30% and 80% of the Area Median Income (AMI).

These financing agreements mean those developments are now ready to begin construction.

“DOH is continuing to provide financing to housing authorities, developers, and non-profits building affordable housing across the state,” said Commissioner Seila Mosquera-Bruno. “We have more than 4,000 units currently under construction and are working every day to add to that number.”

"CHFA is proud to be a vital partner in these impactful developments that address the critical need for affordable housing in Connecticut," said Nandini Natarajan, CEO and Executive Director of CHFA. "We recognize the importance of collaboration with the Connecticut Department of Housing, developers, and community-based organizations to make these developments a reality. These closings represent a significant step forward in providing safe and affordable housing options for residents across the state. We look forward to witnessing the positive impact these developments will have on the communities they serve."

The developments are of varying sizes and financing totals:

1. Eagleville, Mansfield – This development includes the new construction of 42 residential units in eight buildings (and the renovation of one unit in one building). Thirty-four of the 42 units will be restricted to those earning between 50%-60% AMI. DOH is contributing $6.9 million in financing to this development. CHFA is providing $11.75 million in financing in addition to 4% Low-Income Housing Tax Credits (LIHTCs) that will attract approximately $5.7 million in equity proceeds.

• West Hartford Fellowship, West Hartford – This project includes the redevelopment and new construction of two residential buildings with 65 residential units, all of which will be subject to Section 8 affordability restrictions. This is the first phase of the development, with additional phases contemplated for the future. DOH is contributing $6.5 million in total financing. CHFA is contributing $13.6 million in financing in addition to 9% LIHTCs that will generate approximately $17 million in equity proceeds.

• Adams Street Redevelopment, Waterbury – This development includes the construction of two multi-family homes on vacant lots in Waterbury. The development will consist of two two-family, owner-occupied, sustainable, architecturally designed homes with a modern aesthetic and utilizing renewable energy systems that will minimize the maintenance and annual utility cost for the homeowner. DOH is providing a $355k Urban Act grant. CHFA is providing state Housing Tax Credits that will generate $500,000 in equity proceeds.

• MLK Tyler/Curtis Cofield, New Haven – This development includes new construction of 56 residential units, of which 44 units will be subject to the affordability restrictions. This redevelopment development will reach families and individuals at or below 30%, 50% and 60% AMI. DOH is contributing a total of $5.3 million in funding. CHFA is contributing approximately $8.2 million in financing as well as 9% LIHTCs that will attract approximately $12.27 million in equity proceeds and state Housing Tax Credits that will generate $500,000 in equity proceeds.

• 80 South Road, Farmington – This development includes the new construction of a building comprising 65 residential units, of which 52 residential units will be subject to affordability restrictions. DOH is providing a total of $5.5 million in funding. CHFA is providing approximately $16.275 million in financing, as well as 9% LIHTCs that will yield approximately $14.35 million in equity proceeds.

• CRT McKinney Shelter Project, Hartford – This project includes the acquisition and conversion of an existing building providing approximately 68 beds of emergency shelter, which will be restricted for affordability. DOH is providing $5,181,971 in funding.

• The Camelot, West Hartford – This development is located less than half a mile from West Hartford Center and will create a total of 44 affordable housing units reserved for those making between 30% and 80% AMI. DOH is contributing $4 million in funding. CHFA is providing $13.25 million in financing along with 4% LIHTCs that will generate approximately $9.1 million in equity proceeds.