Charter Oak completes $18.6M Stamford housing development
Charter Oak Communities ”” formerly the Stamford Housing Authority ”” recently held the dedication ceremony for Greenfield, a 45-unit mixed-income residential development at addresses 14-100 Merrell Ave. in Stamford.
Multiple government and private funding sources ”” including a $1.1 million loan from Stamford and help from JPMorgan Chase and RBC Capital Markets ”” raised $18,620,061 to complete the project.
Construction has been completed and more than three-quarters of the units are occupied.
Vincent J. Tufo, executive director and CEO, Charter Oak Communities, presided over the dedication ceremony that attracted a number of VIPs.
Greenfield is the third phase of the Vidal Court revitalization, preceded by Charter Oak”™s Palmer Square and Westwood communities. It has been designed to fit the neighborhood”™s architectural style.
Like other Charter Oak family residences, Greenfield is mixed-income housing. Of its 45 housing units, 27 are being rented to low- or moderate-income households and are designated as replacement housing for Vidal Court. The remaining 18 units are market-rate.
Greenfield, according to Tufo, represents more than attractive, affordable housing and further progress on the Vidal Court integration. He said in a statement it also signifies a comprehensive collaboration bridging housing, health care, human services and creative financial and community partnerships.
“In Greenfield, as in previous communities we”™ve built, Charter Oak Communities has worked with many partners to help meet our residents”™ economic, lifestyle and health needs, move them toward increased self-sufficiency, and provide a housing model that is sustainable, appealing and an asset to the neighborhood,” Tufo said. “Greenfield is part of COC”™s ongoing, comprehensive community-development efforts on the city”™s West Side, in cooperation with Stamford Hospital and other partners like the Vita Health and Wellness Initiative”™s Community Collaborative.”
Multiple local groups are partnering with the Vita Health and Wellness District, Charter Oak Communities and Stamford Hospital to improve “wellness outcomes, access to health care, economic self-sufficiency and general quality-of-life for residents and their families.”
Greenfield includes 10 one-, two- and three-story buildings on more than 2 acres described as “creatively landscaped and well-lighted,” with on- and off-street parking. It features a wide range of market-oriented amenities, multibedroom modern apartments, Energy Star construction and human services support provided by Family Centers.
According to Tufo, Greenfield was designed to reflect an urban style that complements existing architecture, but will be more contemporary than the colonial style that characterizes many of COC”™s recently built communities. Funding, he said, came from a variety of state, federal, and local partners, including federal Low Income Housing Tax Credits, grants from the city of Stamford and the Connecticut Department of Housing as well as private mortgage financing.
“There”™s a great need for residences that serve our city”™s fixed- and moderate-income residents, including public service, retail and office workers,” Tufo said. “Greenfield has been built to help accommodate people from these groups, and offers easy access to downtown, to Stamford Hospital and to a variety of critical services. This blended community and holistic focus has proven successful at other COC locations and reflects evolving and progressive community-development opportunities.”