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The plan is designed to create greater opportunity for low- and moderate-income Connecticut residents to access safe, secure, affordable housing, both in multifamily and single family situations.
The grants will support the development of 668 affordable units in 16 communities.
The existing buildings at Armstrong Court were originally constructed in 1951.
“We’re constantly discussing options for our customers in the face of hardship,” says Patriot Bank President Richard Muskus Jr. “We will do what we can as an organization to help them – the bank is not going to abandon them.”
Work includes the “gut” rehabilitation of 42 units, 11 of which will be for households with 25% Area Median Income (AMI) and 31 of which will be for households with 50-60% AMI.
A list of proposals is intended "to stop quasi-publics from engaging in questionable behavior and mismanagement of taxpayers’ dollars," says Senate Republican Leader Len Fasano.
The projects are among seven in the state that will collectively create 439 rental units: 348 designated as affordable and 91 as market rate.
"In a state like Connecticut, finding an affordable home can be a challenge," said Karl Kilduff, CHFA’s executive director.
Municipalities within Fairfield County to receive the funds include Darien, Fairfield, Greenwich and Stamford.
Twenty municipalities are receiving a total of $11.5 million through the federal Community Development Block Grant program administered by the state.
Programs include education classes and credit counseling for potential homebuyers, and foreclosure prevention counseling.
Bridgeport’s proposed rental housing, Windward Apartments, is the redevelopment of the Marina Village public housing complex.
The Connecticut Housing Finance Authority's Freddie Mac HFA Advantage loan offers lower mortgage insurance costs.
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