The Connecticut Department of Housing (DOH) and the Connecticut Housing Finance Authority (CHFA) are announcing today that they have signed financing agreements for three developments that will contribute to the creation of 139 housing units, including 116 affordable units for low- and moderate-income renters. DOH is providing a total of $13,800,000 in loans for developments in Bridgeport and Vernon. CHFA is providing an additional $7.8 million in financing as well as low-income housing tax credits (LIHTCs) and state Housing Tax Credits that will generate more than $18.5 million in private investment. The affordable units will be earmarked for residents making between 25% and 80% of the Area Median Income (AMI). Additionally, CHFA signed a financing agreement for 160 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.
“A critical part of what we do is rehabilitating structures while adding new construction”, said Commissioner of Housing, Seila Mosquera-Bruno. “The diversity of these projects and the varying income levels that they serve are examples of our ongoing work throughout the state. From our traditional affordable housing activities, to rehab, to building middle-income housing – this multi-tiered approach is an efficient way to utilize our finite resources.”
"By supporting these affordable housing developments, we aim to contribute significantly to the well-being of the residents of Connecticut, ensuring that individuals and families have access to quality, affordable homes,” said Nandini Natarajan, CEO and Executive Director of CHFA. “Our collaboration with the Department of Housing represents a shared dedication to meeting the pressing need for diverse and affordable housing options across the state."
The developments are of varying sizes and financing totals:
- Crescent Crossing Phase 1C, Bridgeport – This is the third phase of redevelopment of the former Father Panik Village Public Housing site and replacement of Marina Village which was demolished following damage from Hurricane Sandy. The phase will include the new construction of 85 units, of which 62 will be affordable to households earning at or below 60% of area median income. Seventeen units will be set aside for individuals and families experiencing homelessness. DOH is contributing approximately $7 million in financing to the development, while CHFA is providing an additional $7.8 million in financing, 9% LIHTCs that will attract approximately $18 million in equity proceeds, and state Housing Tax Credits that will attract an additional $500,000 in equity proceeds.
- Grove Court, Vernon – Owned by the Vernon Housing Authority and part of the State-sponsored Housing Portfolio (SSHP), this 7-building, 54-unit senior housing community will receive $6.8 million in grant funding from DOH. The moderate rehab includes site work improvements, extensive repair or replacement of roofs and siding, and upgrades to interior and exterior lighting, flooring, kitchens, and bathrooms. The scope also includes the installation of an emergency generator for the community room as well as ADA conversion of six units.
- Steelpointe Harbor Apartments, Bridgeport – Through the state’s new Build For CT program, CHFA is providing a $20 million loan to support the construction of 160 units that will be designated affordable to middle-income renters earning between 80-120% of area median income. Part of the larger Steelpointe Harbor redevelopment site along Bridgeport’s waterfront, Steelpointe Harbor Apartments consists of 420 units and 10,000 square feet of commercial space. Build For CT is a 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.
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