Connecticut Gov. Dannel Malloy recently announced funding for 14 affordable housing developments, which will build or rehabilitate 851 affordable apartments and 250 market-rate units across the state.
The developments awarded funding competed successfully in either the sixth round of the state’s Competitive Housing Assistance for Multifamily Properties (CHAMP), a program administered by the Department of Housing (DOH), or the federal 9% low-income housing tax credit (LIHTC) round, which is administered by the Connecticut Housing Finance Authority (CHFA). Investments include more than $60 million in state capital funding, a projected $84.6 million in 4% and 9% LIHTCs, and $19.4 million in permanent CHFA tax-exempt bond financing.
“We have done more in affordable housing over the past several years than Connecticut has in decades—and this is yet another step in that direction. As we make smart investments today for a brighter Connecticut tomorrow, affordable housing is an integral part,” said Malloy in a statement. “These units will help hundreds of families, support municipalities, attract talented workers, contribute to our economic growth, and create the communities that will be more competitive in today’s business climate. It’s progress for Connecticut.”
The projects receiving 9% LIHTCs from CHFA include:
- 515 West Avenue: 48 mixed-income units in Bridgeport. CHFA will provide $8.2 million in LIHTCs to Bridgeport Neighborhood Trust, and DOH will provide up to $1.6 million in state capital funds;
- Avery Park Revitalization: 79 mixed-income units for seniors in Stafford. CHFA will provide $11.1 million in LIHTCs to the Stafford Housing Authority, and DOH will provide up to $6.5 million in state capital funds;
- Crescent Crossing Phase 1B: Four buildings with 84 mixed-income units in Bridgeport. CHFA will provide $19.1 million in LIHTCs to Bridgeport Community Renewal Associates, and DOH will provide up to $5 million in state capital funds and $2.8 million in Superstorm Sandy Community Development Block Grant-Disaster Recovery funds;
- East Street Apartments: 38 mixed-income units in new construction and renovations in New Milford. CHFA will provide $6.2 million in LIHTCs to Dakota Partners, and DOH will provide up to $4.2 million in state capital funds;
- The Mill at Killingly Apartments: 32 mixed-income units in Killingly. CHFA will provide $5.6 million in LIHTCs to the Women’s Institute for Housing & Economic Development, and DOH will provide up to $4.9 million in state capital funds; and
- Spruce Ridge/Meadows: 86 mixed-income units in Pawcatuck. CHFA will provide $10 million in LIHTCs to Mutual Housing of South Central CT, and DOH will provide up to $5 million in state capital funds. The department previously awarded $3.5 million to the project.
The CHAMP recipients include:
- Brookfield Village: 48 mixed-income units in Brookfield. DOH will provide up to $4.5 million and CHFA will provide $4.6 million in tax-exempt bond financing and $2.5 million in 4% LIHTC net proceeds to Brookfield Village, LLC;
- Essex Place: 22 affordable units for seniors in Essex. DOH will provide up to $3.83 million for the newly constructed project, which will be adjacent to the existing 36-unit Essex Court seniors housing development;
- Norfolk Town Center: 10 affordable units in Norfolk. DOH will provide up to $3 million for the units that will be created on three sites;
- The Lofts at Ponemah Mills: 116 new units of mixed-income family housing as part of the rehab and adaptive-reuse of the historic Ponemah Mills in Norwich. DOH will provide up to $4.97 million and CHFA will provide $8.25 million in tax-exempt bond funding and $1 million in 4% LIHTC net proceeds;
- Metro Green 3: 155 units of mixed-income housing in Stamford. DOH will provide up to $5 million for the third phase of Metro Green transit-oriented community, which is leveraging more than $10 million in 4% LIHTC net proceeds and approximately $38 million in non-state resources;
- Westfield Heights: 132 apartments for families within 82 separate buildings in Wethersfield. DOH will provide up to $3.5 million to assist in the substantial rehab of the units managed by the Wethersfield Housing Authority;
- Brown Building: 38 mixed-income units in Waterbury. DOH will provide up to $5 million to assist in the redevelopment of the Brown Building; and
- Schoolhouse Apartments: 213 seniors units in Waterbury. DOH will provide up to $3.85 million and CHFA will provide $6.55 million in tax-exempt bond financing and $8.3 million in 4% LIHTC net proceeds to assist in the redevelopment of three former historical schools.