Governor M. Jodi Rell today announced that more than $2.5 million from the state’s Housing Trust Fund (HTF) will go toward an affordable housing project in Stamford.
Stamford Metro Green Residence LLC will receive the funds for its plan to develop 40 affordable units of rental housing on Atlantic Street. The project also calls for 10 units to be offered at market rate.
“Affordable housing fulfills a vital need for our families, for our economy and this project will help Stamford provide more housing options for all its residents,” Governor Rell said. “The Housing Trust Fund is an invaluable tool for communities – large and small – to help meet the housing needs of their residents.”
The Stamford project – Metro Green Apartments II – is one of five in the state to receive these funds. The state Department of Economic and Community Development (DECD), which administers the HOME and HTF funding, will provide $2.5 to Stamford Metro Green Residence LLC to plan and develop the project, which is the second residential phase of Metro Green Residential, a development that includes 238 mixed-income residences near public transportation.
“The statewide projects we’re announcing today will add 408 units of housing, many of them targeted for low and very low-income households, in some of the areas hardest hit by the housing crash. These funds will go a long way in restoring people’s hope and economic stability.”
The other projects are:
- Alfred E. Plant Elderly Apartments, West Hartford — DECD will loan $2,155,080 through the HOME program to AE Plant LLC for the rehabilitation and expansion of elderly housing at the Alfred E. Plant Elderly Apartments in West Hartford. The project will create and preserve a total of 137 units of housing, including 42 new units, for low-income elderly. State HOME financing for the $21 million project is a 40-year loan at 1% interest. The project also will receive funding from the Connecticut Housing Finance Authority (CHFA).
- Cedarwoods Apartments, Windham — DECD will award $3,430,000 through the HOME program to The Common Ground Community II HDFC to develop 56 units of rental housing to serve the homeless and people with physical disabilities or special needs. Fourteen of the units will be targeted to households below 25% of area median income; 18 targeted to households between 25% and 50% of area median income; and the remaining 24 units will be targeted to households at 60%. The $13 million project will also be receiving funds from CHFA.
- Briarcliff Apartments, New London — The New London Communities I LP was awarded $4,633,049 to rehabilitate 106 two- and three-bedroom rental units at the Briarcliff Apartments, a “walkable community” that is within a quarter mile of a bus line. Forty-three units will be targeted to families with incomes at or below 50% of area median income. The remaining units will be targeting to families with incomes at or below 60%. The $18 million project includes site and street improvements, recreational amenities, and a new community room building. HOME and HTF funds will be used for the construction activities.
- Downtown Bridgeport, Phase II — The downtown Bridgeport project was awarded a $3,015,000 loan through the Housing Trust Fund. Financing is for 30 years at 1 percent interest, with principal and interest partially deferred. The developer has built and will now complete 59 residential units and 50,000 square feet of retail and office space in the Arcade and Golden Hill buildings on Main Street. Nineteen units will be deed-restricted to households with incomes at or below 100 percent of area median income. The total cost of completing the project is $12,796,763.
Governor Rell created the $110 million Housing Trust Fund in 2005 to help create and preserve housing for low- and moderate-income families by providing critical “gap” financing. The HOME Investment Partnerships program, is a federally funded program offering grants, loans, and deferred loans to not-for-profit and for-profit developers, housing authorities, and individuals to develop and preserve affordable housing.
