FAIRFIELD COUNTY, Conn. -- Connecticut is investing more than $70 million in state and federal funds in 16 affordable housing projects across the state -- including projects in Greenwich, Norwalk and Stamford -- that will build and rehabilitate a total of 694 affordable rental apartments statewide.
Gov. Dannel Malloy, state Housing Commissioner Evonne M. Klein, and Connecticut Housing Finance Authority President Eric Chatman made the announcement Friday. The funds are expected to generate an additional $116 million in private investments for the projects, bringing the total investments to $186 million in state, federal and private dollars.
“These projects will foster economic growth, revitalize neighborhoods, raise the quality of life for everyone, and provide more affordable homes that are so important in keeping people, young and old, in Connecticut,” said Malloy.
Projects selected competed successfully in the federal Nine Percent Low Income Housing Tax Credits funding round and the fourth round of the state’s Competitive Housing Assistance for Multifamily Properties initiative. The list of recipients is as follows:
The local recipients include:
- Lawnhill Terrace, Stamford, Rippowam Corp. This is the first phase of a rehabilitation of an existing 204-unit housing development built in 1959 under the state’s moderate rental program. The first 60 units to be rehabbed are two- and three-bedroom units targeted to households making up to 60 percent of area median income. Considerable site improvements will also be made during the renovations. Tax Credit Award is $1.44 million, with $3.25 million in Department of Housing capital funds and a $2.7 million seller loan.
- Washington Village, Phase One, Norwalk. Plans call for new construction on two vacant parcels in South Norwalk. The project is the initial phase of a larger multiphase redevelopment effort that will replace the oldest public housing in the state with a new 273-unit, mixed-income community. In this phase, 58 units are targeted for households with incomes below 60 percent area median income, and there will be 22 market rate units. Tax Credit Award is $1.89 million, with $9.86 million in DOH funds and a $2.8 million TD Bank mortgage.
- Wall Street Place, Phase I, Norwalk – POKO IWSR Developers. Plans call for a new mid-rise, mixed-use building with 36 apartments and 60,000 square feet of commercial and retail space on the first floor. The approved plan includes 850 parking spaces. Wall Street Place is intended to re-create the “uptown” part of the urban fabric that was once the heart of the city. The apartments will be for households earning up to 60 percent of area median income. Tax Credit Award: $864,014, with $3.5 million in Department of Housing funds, and $3.4 million CITI Bank First Mortgage.
The developments selected in the CHAMP 4 round will provide for the creation or preservation of a total of 537 units, 400 of them affordable, with a total of state investment of nearly $32 million. The local recipient is:
- 258 Davis Ave, Greenwich — Pathways Inc. The Department of Housing will provide a loan of up to $1.1 million to Pathways to rehabilitate an existing building to create seven single-room occupancy apartments to serve individuals 18 or older who are at risk of homelessness as a result of serious and persistent psychiatric and substance abuse disorders. The property will include community space for resident and counselor use, and each unit will be equipped with a kitchen and bathroom. Pathways will provide 24-hour, seven-day-a-week staffing for these supportive housing units.
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