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NINE HOUSING DEVELOPMENTS ACROSS CONNECTICUT RECEIVE STATE FINANCING: 722 AFFORDABLE UNITS IN HADDAM, HARTFORD, MERIDEN, NEW BRITAIN, NEW HAVEN, PLAINVILLE, AND WATERBURY

 

(HARTFORD,CT) The Connecticut Department of Housing (DOH) and the Connecticut Housing Finance Authority (CHFA) are announcing today that they have signed financing agreements for nine developments that will contribute to the creation of 722 housing units, including 651 affordable for low- and moderate-income renters, 82 of which will be designated as permanent supportive housing for people experiencing homelessness and people with disabilities. Developments are located in Haddam, Hartford, Meriden, New Britain, New Haven, Plainville, and Waterbury.

DOH is providing over $57 million in loans and grants, and CHFA is providing an additional $51.6 million in financing as well as low-income housing tax credits (LIHTCs) that will generate more than $97.7 million in private investment. The affordable units will be earmarked for residents making between 25% and 80% of the Area Median Income (AMI). In addition, CHFA signed a financing agreement for 44 units to be funded by the Build For CT program, a new collaboration between DOH and CHFA to support the creation of apartments designed to be affordable for middle-income renters.

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

“Since 2019 we have built or rehabilitated 12,000 affordable units in different communities around the state, with another 5,000 under construction” said Connecticut Housing Commissioner Seila Mosquera-Bruno. “Soon these units will become homes for many families who expect and deserve high-quality affordable living.  DOH will continue to work with all our partners to ensure that residents have options that are affordable in the community they choose to call home.”

"We are excited to support these housing developments, which will make a meaningful impact on the lives of Connecticut residents,” said CHFA CEO Nandini Natarajan. “Through strategic financing and collaboration, CHFA is dedicated to providing safe, affordable housing for individuals and families across a range of income levels. These developments highlight the importance of public-private partnerships in fostering inclusive communities and addressing the diverse housing needs of our state."

The developments are of varying sizes and financing totals:

  • 64 Hart St, New Britain – Once completed, this building renovation by Neighborhood Housing Greater New Britain will include 16 units of supportive housing. Funding from DOH includes $6 million in ARPA funds as well as $949,000 in HOME funds.

 

  • 85 Tremont A and B, Meriden – This unique development will repurpose a vacant mill building into 82 units of housing, including 71 units priced affordable for households earning at or below 80% of the area median income. Fourteen units will be designated as permanent supportive housing for people with disabilities. To support this two-phased development, DOH is providing $9.5 million in financing. In addition to $4.78 million in financing, CHFA has allocated this two-phase development a combination of 9% and 4% LIHTCs that will generate more than $18 million in private investment. Developed by a team led by Trinity Financial, 85 Tremont will provide amenities that include a community room, kids' playroom, fitness center, and indoor bike storage, all within walking distance of local amenities and public transportation.

 

  • Bedford Gardens, Hartford – WinnCompanies has acquired and will renovate 84 units in Hartford’s Clay Arsenal neighborhood. All units will be designated as affordable to households who earn at or below 60% area median income. DOH is providing $4 million in the development, while CHFA is investing $3.89 million in financing as well as 4% LIHTCs that will generate $8.6 million in private equity. The development will include 10 three-story historic residential buildings in one of Hartford’s oldest neighborhoods.

 

  • Berkowitz II, New Britain – Non-profit Chrysalis Center is renovating the historic Berkowitz Building into 28 units of supportive housing. DOH is providing $6.9 million in ARPA funds as well as $4 million in FLEX funding.

 

  • Bridge Road, Haddam – Through the state’s new Build For CT program, CHFA is providing this 44-unit development with a $1,125,000 loan to support the construction of 9 units that will be designated affordable to renters earning 80% of area median income. This will be the third development to receive funding under the Build For CT program since it launched late last year, bringing the total number of middle-income units created to 213.

 

  • HEARRT House, Plainville – Chrysalis Center is renovating an 8-unit building that provides supportive housing and onsite services for people experiencing homelessness. Funding from DOH includes $2.4 million from HOME ARPA.

 

  • MLK Apartments, Hartford – Hartford-based nonprofit Sheldon Oak Central is partnering with Vesta Corporation to redevelop MLK Apartments in Hartford’s Sheldon/Charter Oak neighborhood. The development will include 155 units, all priced affordable for households earning at or below 60% area median income. DOH is providing $11.7 million in financing. CHFA is providing an additional $20.5 million in financing as well as 4% LIHTCs that will generate more than $27 million in private funding.

 

  • The Monarch, New Haven – Located in New Haven’s West River neighborhood, this development will transform a 1.77-acre site into 64 apartments with amenity space for its future residents. DOH is investing $4.7 million while CHFA is providing more than $8.2 million in financing and 4% LIHTCs that will generate more than $10.9 million in private equity.

 

  • Nottingham Towers, Waterbury – An affiliate of The Related Companies is acquiring and renovating this eight-story, 165-unit senior complex. CHFA has allocated 4% LIHTCs that will generate more than $16.2 million in private investment.

 

  • State & Chapel, New Haven – BeaconCommunities is converting an underutilized parking lot on State Street and vacant upper-floor spaces along Chapel Street into 76 apartments, sixty of which will be priced affordable to households earning at or below 60% of the area median income and 16 will be market rate. Sixteen units are designated for households currently experiencing homelessness. DOH is providing $7.1 million in funding. CHFA is investing $13.1 million in financing along with 9% LIHTCs that will generate more than $16.5 million in private funding.

 

For immediate release: June 25, 2024

Contact: Maribel La Luz

maribel.laluz@ct.gov

cell: 860-539-5485