The Connecticut Department of Housing (DOH) and Connecticut Housing Finance Authority (CHFA) announced on March 19 that they will be providing financing for 299 housing units in Vernon and Bridgeport.
The Vernon units will take the form of senior housing to be built by the Vernon Housing Authority, while Bridgeport’s Crescent Crossing Phase 1 C and Steelpointe Harbor Apartments are set to receive funding to provide additional affordable housing units priced for renters that have low- and moderate-income levels.
The developments will receive a total off $13,800,000 loans from the DOH, $7.8 in CHFA financing and tax credits that are anticipated to provide more than $18.5 million in private investment.
The Crescent Crossing construction is the third stage of redevelopment of the former Frank Panik Village Public Housing site and the Hurricane Sandy-damaged Marina Village. 85 units are set to be constructed, with 62 designated affordable for those making 60% of the area median income or below, and 17 set aside for those experiencing homelessness.
The Steelpointe Harbor Apartments, which held a recent groundbreaking, will receive funds to support 160 of its 420 units being kept affordable for middle-income earners.
“A critical part of what we do is rehabilitating structures while adding new construction”, said Commissioner of Housing, Seila Mosquera-Bruno. “The diversity of these projects and the varying income levels that they serve are examples of our ongoing work throughout the state. From our traditional affordable housing activities, to rehab, to building middle-income housing – this multi-tiered approach is an efficient way to utilize our finite resources.”
“By supporting these affordable housing developments, we aim to contribute significantly to the well-being of the residents of Connecticut, ensuring that individuals and families have access to quality, affordable homes,” said Nandini Natarajan, CEO and Executive Director of CHFA. “Our collaboration with the Department of Housing represents a shared dedication to meeting the pressing need for diverse and affordable housing options across the state.”
