Two Major Hartford Housing Projects Receive State Financing

State of Connecticut

HARTFORD, CT — State officials recently announced new financing deals that will pave the way for the construction of several housing developments in the state, including two in Hartford.

The State Department of Housing and the Connecticut Housing Finance Authority (CHFA) recently announced financing agreements for nine separate projects statewide.

Those projects will create 722 housing units, including 651 affordable for low- and moderate-income renters, according to the state.

A total of 82 of those units will be designated as permanent supportive housing for people experiencing homelessness and people with disabilities, according to an announcement.

Developments are located in Haddam, Hartford, Meriden, New Britain, New Haven, Plainville, and Waterbury.

The DOH is providing more than $57 million in loans and grants, and CHFA is providing an additional $51.6 million in financing as well as low-income housing tax credits.

Those tax credits, authorities said, will generate more than $97.7 million in private investment.

Hartford projects being funded are:

• Bedford Gardens, Hartford – WinnCompanies has acquired and will renovate 84 units in Hartford’s Clay Arsenal neighborhood.

All units will be designated as affordable to households who earn at or below 60 percent of the area median income.

DOH is providing $4 million for the development, while CHFA is investing $3.89 million in financing as well as 4 percent tax credits that will generate $8.6 million in private equity.

The development will include 10 three-story historic residential buildings in one of Hartford’s oldest neighborhoods.

• MLK Apartments, Hartford – Hartford-based nonprofit Sheldon Oak Central is partnering with Vesta Corp. to redevelop MLK Apartments in Hartford’s Sheldon/Charter Oak neighborhood.

The development will include 155 units, all priced affordable for households earning at or below 60 percent of the area median income.

DOH is providing $11.7 million in financing. CHFA is providing an additional $20.5 million in financing as well as 4 percent tax credits that will generate more than $27 million in private funding.

These financing agreements mean those developments are now ready to begin construction.

“Since 2019 we have built or rehabilitated 12,000 affordable units in different communities around the state, with another 5,000 under construction,” said Connecticut Housing Commissioner Seila Mosquera-Bruno.

“Soon these units will become homes for many families who expect and deserve high-quality affordable living. DOH will continue to work with all our partners to ensure that residents have options that are affordable in the community they choose to call home.”

"We are excited to support these housing developments, which will make a meaningful impact on the lives of Connecticut residents,” said CHFA Chief Executive Officer Nandini Natarajan.

For the full announcement, click on this link.