Vesta Corp. has received two recoverable grants from the state of Connecticut to renovate two affordable housing properties in the state.
The funding comes from Gov. Dannel P. Malloy’s “30 Program,” an initiative aimed at revitalizing the state-sponsored housing portfolio.
The state portfolio is comprised of approximately 300 properties, totaling more than 13,000 units. The grants have been made by the Connecticut Department of Housing and the Connecticut Housing Financing Authority.
Vesta, a longtime affordable housing provider, will use the funds it has been awarded to redevelop more than 100 affordable apartment homes in Hartford and New London.
The Connecticut-based firm received $1.9 million to renovate and reposition the Historic Townley Street Apartments in Hartford and $4.8 million to rehabilitate Londonberry Gardens in New London. The Hartford community was originally built in the early 1900s, and the New London community was constructed in 1973. The redevelopments work is set to begin in the first quarter of 2014.
“It has been proven time and time again that public/private partnerships are vital for many of our nation’s important community issues, including affordable housing. We are excited to partner and collaborate with the state on this important initiative,” said Lewis Brown, Vesta vice president, in a statement. “Through this program, Connecticut is at the forefront of creating and implementing sound policies around the preservation of affordable housing which, at their core, will make a difference in our residents’ lives. We are well positioned to help make that happen for many people.”