SIX DEVELOPMENTS ACROSS CONNECTICUT RECEIVE STATE FINANCING: 758 UNITS IN NORWALK, NORWICH, STAMFORD, WATERFORD, AND WESTPORT

 
The Connecticut Department of Housing (DOH) and the Connecticut Housing Finance Authority (CHFA) are announcing today that they have signed financing agreements for six developments that will contribute to the creation of a total of 758 housing units, including 396 affordable units for low- and moderate-income renters, 18 of which will be designated as permanent supportive housing for people experiencing homelessness and people with disabilities. Developments are located in Norwalk, Norwich, Stamford, Waterford, and Westport.

DOH is providing over $25 million in loans and grants, and CHFA is providing low-income housing tax credits (LIHTCs) that will generate more than $93 million in private investment. The affordable units will be earmarked for residents making between 20% and 80% of the Area Median Income (AMI). CHFA signed financing agreements for 362 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. DOH also financed the acquisition an unoccupied building and converting all but one of 19 residential units to supportive housing, which are ready for occupancy – a first of its kind project for Westport.

“We’re excited that these finance agreements are done, and construction can begin, “said Connecticut Housing Commissioner Seila Mosquera-Bruno. “These units will become permanent homes for our residents who deserve high-quality affordable living.  DOH will continue to work as fast as possible to ensure our families and individuals have affordable housing options in their own communities.”

"These new developments exemplify our commitment to creating economically diverse communities through strategic public-private partnerships," said Nandini Natarajan, CEO and Executive Director of CHFA. "By leveraging programs like Build For CT and LIHTC, we’re not only providing quality, affordable housing for a wide range of income levels but also driving significant private investment into Connecticut’s neighborhoods. These developments are a testament to what can be achieved when we combine resources and collaborate to address the state’s housing needs."

The developments are of varying sizes and financing totals:

Monterey Village, Norwalk - Located in the South Norwalk neighborhood, Monterey Village is a 14 building, 161-unit apartment community located just minutes from downtown. CHFA is providing 4% LIHTCs that will generate more than $21 million in private investment. All units will be restricted to households earning at or below 60% of the area median income (AMI).

Wall Street Place, Norwalk - Wall Street Recap Associates, LLC is working in collaboration with the Norwalk Redevelopment Agency and the support of the City of Norwalk to create a new mixed-income, mixed-use redevelopment. In addition to the $13.6 million in funds provided by DOH, CHFA is awarding 4% LIHTCs that will raise nearly $55 million in private investment. These funds will support the development of 155 new units in Norwalk, all of which will be restricted to households earning between 20-80% AMI.

Ponemah South Mill, Norwich – Situated along the Shetucket River, the Ponemah Mill Complex has already been transformed into hundreds of new affordable units. The latest phase of the redevelopment, Ponemah South Mill, is a 4.96-acre site featuring a vacant, 148,600 sq. ft. mill building. The property will be renovated into 146 residential units and will include various indoor and outdoor amenities such as a cinema, spa, and river walk trail. The unit mix will consist of 125 one-bedroom units and 21 two-bedroom units. CHFA is investing $6.25 million through the Build For CT middle-income rental program to restrict 50 units at 80% AMI.

Oak Park Phase I, Stamford – This is the first phase of a proposed three-phase redevelopment of Oak Park in Stamford, which was built in the 1940’s under the State Moderate Rental Program. This phase of development includes a total of 61 units, 19 of which will be utilizing project-based vouchers supporting very low-income households. All units will be affordable to households earning at or below 60% AMI. The property will also support a part time resident service coordinator. In addition to $4 million in financing provided by DOH, CHFA is awarding 9% LIHTCs that will raise more than $17 million in private investment.

Waterford Woods Phase III, Waterford – Adding to the first two phases that included 2,015 units, Phase III will see the creation of 216 apartments. Through the State of Connecticut’s Build For CT program, CHFA is providing $5.5 million to support the construction of 44 units designated for middle-income households earning between 60% and 80% AMI. The property’s amenities will feature 72,500 square feet of recreation area that will include gardens, pickleball courts, hiking trails, and a pond.

122 Wilton Road, Westport – This development consists of the acquisition of a rehabilitated, unoccupied building, comprising a total of 19 residential units, consisting of one, two- and three-bedroom units. Once complete, the development will serve families and individuals at or below 60% AMI. DOH has allocated OPM-ARPA (SLFRF) funding in the amount of $7,555,000 towards the acquisition of this property with wonderful views of the Saugatuck River. 122 Wilton Road is made possible through a collaboration between WRCH, Inc. and “Homes with Hope,” a Westport-based organization dedicated to preventing and ending homelessness in Fairfield County, to bring opportunity and availability in an area of the state with great need.
 

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For immediate release: August 21, 2024

Contact: Maribel La Luz

maribel.laluz@ct.gov

cell: 860-539-5485