Bridgeport, Norwalk developers get state aid

Developers in Bridgeport and Norwalk will benefit from a “major commitment” to affordable housing, in the words of Gov. Dannel P. Malloy.

“Connecticut for too long languished in its affordable housing commitments by not investing in this critical area of our overall economic development,” Malloy said, in a prepared statement.  “Housing is a key component of our success to get Connecticut moving again, one that helps individuals and families find stability and employment.”

Under the Competitive Housing Assistance for Multifamily Properties (CHAMP) initiative, the Connecticut Department of Economic and Community Development will offer loans at reduced interest rates and with extended terms, intended as gap financing and not to exceed $5 million per development.

CHAMP will help finance:

Ӣ the $31.6 million Jayson/Newfield project in Bridgeport totaling 87 units;

Ӣ the $10.4 million River Commons project in Norwalk with 34 units; and

Ӣ the $1.2 million Southend Community Building Initiative in Bridgeport, with 9 units.

The state also identified 10 more “shovel-ready” projects to receive funding, without specifying dollar figures, including The Atlantic in Stamford, which is overseen by New Neighborhood Inc., and the Stratford Housing Authority”™s Meadowview Manor.