Norwalk is among six Connecticut municipalities to receive funding from The Federal Home Loan Bank of Boston to create or preserve affordable housing units.
A $699,114 grant and subsidy and a $550,000 loan were awarded for a two-building project at 100 S. Main St. in Norwalk, to preserve 25 units and create 11 units for low-income and homeless individuals.
The front building, which has been vacant for four years, requires substantial rehabilitation, and will be reconfigured into 11 single-room occupancy units. The rear building, currently in use, requires upgrades to the existing units and common areas.
The planned scope of work is designed to ensure both buildings remain affordable and are sustainable for the future. The rehabilitation will include the installation of Energy Star white rubber roofing and shingles and large R-value insulation to improve the building envelope. In the interior, water-conserving fixtures, high-efficiency water heaters and furnaces, along with Energy Star-qualified windows, lighting, and appliances will improve livability and reduce operating costs.
All of the residents will benefit from on-site transportation and meal services as well as substance abuse and mental health counseling.
First County Bank will provide construction financing and provide the permanent loan. Other sources of funding include sponsor equity and energy rebates, with the balance expected to be provided by the Connecticut Department of Housing.
The Federal Home Loan Bank of Boston also awarded funds to projects in Hartford, Jewett City, New Haven, Niantic and Norwich. All together it awarded $4.2 million to Connecticut municipalities, and more than $37.5 million throughout New England.
