Home Banking & Finance TD Bank provides $19.2 million loan for Norwalk’s Washington Village

TD Bank provides $19.2 million loan for Norwalk’s Washington Village

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TD Bank has provided Trinity Financial with a $19.2 million construction loan for the ongoing redevelopment of Washington Village, the public housing complex in Norwalk that is the oldest in the state.

Alongside TD Bank’s investment, the city of Norwalk is financing the project with a U.S. Department of Housing and Urban Development’s Choice Neighborhood Initiative Planning Grant, which the city received in 2014. The $30 million grant will aid redevelopment construction of Washington Village and provide services to residents, including job training, health services and education.

Owned by the Norwalk Housing Authority, Washington Village was built in 1941 and sustained flood damage during Hurricane Sandy. Plans for the building include 80 mixed-income apartments, consisting of 40 replacement public housing units, 18 affordable housing units for low-income families, and 22 market rate units.

The revamped Washington Village – a mix of 273 apartments with up to four-bedroom units – will be built over the course of five years in three phases. The complex will expand with three new buildings replacing vacant lots. To prevent future storm damage, construction will be coordinated with public infrastructure improvements throughout Norwalk to raise the elevation grade of nearby streets by approximately three feet, which will provide dry egress in the event of a 100- or 500-year storm.

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