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State officials recently announced nearly $26.17 million in loans, grants, tax credits and other forms of financing that will help get developments totaling 658 new housing units, 381 of which will be affordable housing.
The Connecticut Department of Housing said it was providing $21.8 million in loans and grants and the Connecticut Housing Finance Authority said it was providing low-income housing tax credits (LIHTCs) that will generate more than $55 million in private investment along with $61.5 million in first mortgage financing.
In addition, CHFA signed financing agreements totaling $4.37 million for 143 units to be funded by the Build For CT program, a collaboration between DOH and CHFA to support the creation of apartments designed to be affordable for middle-income renters.
The state financing is the last piece of the puzzle for nine developments assembling their capital stacks, the state’s announcement said.
“This investment underscores our commitment to creating affordable and equitable housing opportunities across Connecticut,” Commissioner of Housing Seila Mosquera-Bruno said in a statement. “By supporting these developments, we are not just building housing; we are strengthening communities, fostering economic stability, and ensuring that more residents— whether seniors or working families—have a place to call home.”
James O’Donnell Apartments – Ansonia
DOH is providing this 40-unit senior affordable housing development a community development block grant totaling $1.73 million to replace of the building’s elevator and generator, as well as new interior and exterior doors and windows.
Veterans Terrace III – East Hartford
Veterans Terrace III is the third and final phase of the East Hartford Housing Authority’s effort to redevelop and preserve affordability for 150 units of housing. This phase will consist of 51 units affordable to households earning between 25 percent to 60 percent of area median income . To support this phase, DOH is providing $4.5 million in financing while CHFA is allocating 9 percent LIHTCs that will generate $12.83 million in private investment along with $6.43 million in taxable bond financing and $1 million in financing from the state Opportunity Fund.
131 Beach – Fairfield
Through the Build For CT program, CHFA is providing a $1.75 million loan to support the construction of 40 units, twenty of which will be affordable to households earning between 60 percent and 120 percent AMI. The site is within walking distance from Fairfield Center, Metro-North rail line, and Fairfield Beach. The building will have underground parking and be styled to blend into the neighborhood with historical looking features.
480 Myrtle St. – New Britain
The site of the former Black and Decker corporate offices is being converted into 119 units of housing affordable to renters earning 100% area median income. Funded by s $1.5 million Urban Act grant from DOH, the development will include a mix of studios, one-, and two-bedroom units.
Rocky Hill Senior Housing – Rocky Hill
DOH is providing a $2 million CDBG grant to support a wide array of capital improvements at this nine-building, 40-unit community for senior and disabled residents. Improvements include facade repairs, upgraded handicap accessible units, new windows and flooring and improvements to the parking lot.
Parkside Gables – Stamford
The rehabilitation of Parkside Gables will preserve 69 units of affordable housing close to Interstate 95 and Stamford’s Metro Center which provides access to Metro-North and Amtrak as well as CTtransit bus service. When completed, the development will include 64 units affordable to households earning between 30 percent and 80 percent AMI and five unrestricted units. To support the development, DOH is providing $6.6 million in funding and CHFA is providing 4 percent LIHTCs that will generate $9.34 million in private investment, along with $13.55 million in tax exempt bond financing.
Shippan Place – Stamford
CHFA is assisting the rehabilitation of Shippan Place in downtown Stamford. When completed, the newly renovated development will consist of 147 units affordable to tenants age 62 and older or disabled residents with at or below 60 percent AMI. Amenities in the surrounding area include public parks, beaches, retail, medical services, places of worship, and restaurants. CHFA is providing 4 percent LIHTCs that will generate nearly $23 million in investment along with $33.55 million in tax exempt bond financing.
The Villages – Stratford
Through the Build For CT program, CHFA is providing $2.62 million in financing to support the construction of 103 total units, including 21 middle income units affordable to households earning 80 percent to 100 percent AMI. Residents of The Villages will enjoy access to indoor and outdoor community space, a fitness center, a dog run/wash, and bike storage.
Elle at North Main – West Hartford
The Elle at North Main will be a mixed-income rental community consisting of 49 units in West Hartford. Thirty-nine units will be made affordable to renters earning at or below 60 percent AMI, and the remaining 10 units will be unrestricted. CHFA is provide 9 percent LIHTCs that will generate $10.5 million in private investment alongside $5.53 million in taxable bond financing and $1 million in financing from the state Opportunity Fund. An additional $5.5 million in financing is provided by DOH.
