Seven affordable housing developments have received low-income housing tax credit (LIHTC) reservations from the Connecticut Housing Finance Authority (CHFA).
The $7.49 million in credits will go to help build or rehabilitate 347 affordable housing units in Bridgeport, Hartford, New Haven, Simsbury, and Waterbury.
The developments are expected to create 1,079 jobs, generate $150.7 million in economic activity, and $12.1 million in state revenue.
"Over the next 10 years, we are investing $500 million to improve and expand affordable housing in Connecticut—an investment that is critical to bolstering economic growth and ensuring we have the workforce housing we need," said Gov. Dannel Malloy in a statement. "The LIHTCs are a great support to these efforts, and I thank CHFA and our federal partners for their commitment to the state."
The projects receiving credits are:
- St. Paul Commons, Bridgeport: The development will bring 56 newly constructed units in five buildings. It will serve low- and moderate-income families and the elderly. Twelve units will be supportive housing. The project received $921,310 in tax credits.
- Twin Acres, Hartford: An existing development overlooking Colt Park will be reimagined with 10 newly constructed units. Fourteen existing townhouses will be expanded by adding a bedroom and a bathroom. Six handicap units will be created. The new Twin Acres will have 10 market-rate units and 40 for households with incomes ranging from at or below 25 percent up to 60 percent of the area median income (AMI). The project received $896,166 in tax credits.
- Summit Park, Hartford: A total of 42 units in six historic structures in the Frog Hollow neighborhood will undergo renovation and exterior repair. Ranging from one- to three-bedrooms, the units will be rented to households with incomes ranging from at or below 25 percent of AMI up to 60 percent of AMI. The project received $767,553 in tax credits.
- Fair Haven, New Haven: The Fair Haven development program is a scattered-site affordable housing project in New Haven that will result in 63 affordable housing units. The first site, Eastview Terrace Phase 2, will complete the redevelopment of Eastview Terrace, with 25 one- and two-story townhouses. The second site, 197 Chatham St., involves demolishing an existing, environmentally challenged commercial building, creating 38 units of new affordable housing, a community space, and a small retail component in an existing residential neighborhood. The project received $1,616,367 in tax credits.
- Ribicoff Cottages, New Haven (9 Percent Phase): At the Ribicoff Cottages development, 100 obsolete public housing units will be demolished and replaced with 100 new mixed-income housing units in two phases. This phase includes 55 units, 34 units will be replacement housing for existing senior/disabled residents that will include supportive services. The majority of units will be targeted for households earning no more than 60 percent of the AMI, with 11 units offering supportive services. Ribicoff Cottages will have 11 units offered at market-rate rents. The project received $1,251,609 in tax credits.
- Simsbury Specialty Housing, Simsbury: This new construction project will consist of 48 units of 100 percent affordable rental housing as part of Dorset Crossing, a master-planned, mixed-use development project. All units will be targeted for people with disabilities, including several units for people transitioning from nursing homes to other settings. The project received $1,036,148 in tax credits and $2.5 million in CHFA taxable bonds.
- South Main/East Liberty Apartments, Waterbury: Located in the south end, 33 new affordable units will replace dilapidated buildings on abandoned parcels carrying tax liens. The developer is acquiring the properties from the city and will include seven supportive units for veterans. Units are targeted to households with incomes at or below 25 percent of AMI and 50 percent of AMI. The project received $1,005,631 in tax credits.