Bridgeport is one of six Connecticut municipalities to receive state money to support the development of affordable housing as part of the latest round of funding under the state’s Competitive Housing Assistance for Multifamily Properties program.
The city’s West Liberty Commons will receive up to $3,598,912 from the Connecticut Department of Housing to assist Bridgeport Neighborhood Trust in the development of 18 apartments, including 14 affordable units targeted to households with incomes at 25 percent, 50 percent and 60 percent of the area median income and four market rate apartments.
The development will be on West Avenue, within the Division Street Historic District, which is listed on the National Register. Located on the western edge of downtown Bridgeport, within the boundaries of the Bridgeport Urban Enterprise Zone, the development will be supported by both a tax deferral and city HOME funds. Additional funding will be provided by the Federal Home Loan Bank, through its Affordable Housing Program, and People’s United Bank.
All told, the state is making nearly $23 million available to the six communities, which include sites in Hartford, Middletown, New Britain, North Haven and Norwich. The awards are designed to help create, rehabilitate or preserve more than 200 units of affordable housing and expand access to mixed income and supportive housing units.
The CHAMP program, which is administered by the Department of Housing, provides developers and owners of multifamily affordable housing the necessary gap financing to create more affordable units in their developments. The state’s investment in affordable housing totals about $1 billion, and has spurred another $2.5 billion in direct economic activity across the state, according to Gov. Dannel Malloy and Housing Commissioner Evonne Klein.
Funding for this round of financing is contingent upon approval of the State Bond Commission.