On August 22 the Connecticut Department of Housing (DOH) and the Connecticut Housing Finance Authority (CHFA) announced a financing agreement for six developments across the state. Four of the six developments are in Fairfield County.
“We’re excited that these finance agreements are done, and construction can begin, “said Connecticut Housing Commissioner Seila Mosquera-Bruno. “These units will become permanent homes for our residents who deserve high-quality affordable living. DOH will continue to work as fast as possible to ensure our families and individuals have affordable housing options in their own communities.”
The announcement notes that the DOH is providing over $25 million in loans and grants, while the CHFA is providing low-income housing tax credits (LIHTCs) that are expected to draw over $93 million in private investments.
362 units will be funded through the new Build for CT program. The program is a collaboration between the DOH and CHFA to support the creation of apartments aimed at providing an affordable option for middle-income renters.
“These new developments exemplify our commitment to creating economically diverse communities through strategic public-private partnerships,” said Nandini Natarajan, CEO and Executive Director of CHFA. “By leveraging programs like Build For CT and LIHTC, we’re not only providing quality, affordable housing for a wide range of income levels but also driving significant private investment into Connecticut’s neighborhoods. These developments are a testament to what can be achieved when we combine resources and collaborate to address the state’s housing needs.”
The developments include Monterey Village in Norwalk, a 161-unit community which is 4 percent LIHTCs. It is expected to generate over $21 million in private investment, while all units will be restricted to households earning 60 percent of the area median income or less.
Wall Street Place, also in Norwalk and colloquially known as “The Tyvek Palace” after construction stalled out years ago, is also slated for development in a collaboration between Wall Street Recap Associates, LLC and the Norwalk Development Agency with support from the city. DOH has earmarked $13.6 million for the project plus 4 percent in LIHTCs expected to raise around $55 million in private investments. The end result should be the development of 155 new units, restricted to households earning between 20 to 80 percent of the area’s median income.
Oak Park Phase I in Stamford will see 1940s vintage housing stock replaced with 61 units designated for households earning 60 percent of the area median income or less, and 19 reserved for very low-income families. The first phase will also bring with it a new part-time community coordinator position. DOH will provide $4 million in financing for this project, and CHFA will grant LIHTCs for 9 percent of the financing, garnering more than $17 million in private investment.
Westport will also see the construction of 19 units at 122 Wilton Road. The units will serve individuals at or below 60 percent of the area median income. DOH has provided $7,555,000 in funding to acquire the property adjacent to the Saugatuck River. The project is a collaboration between WRCH, a local company, and Homes with Hope, a local non-profit working to end homelessness across Fairfield County.
Outside of Fairfield County, Waterford Woods in Waterford and Ponemah South Mill in Norwich will create a combined 362 new housing units.
