Norwalk Developments Among 15 Across CT To Receive State Financing

NORWALK, CT — The Connecticut Department of Housing and the Connecticut Housing Finance Authority announced Thursday they have signed financing agreements for 15 developments, including two in Norwalk, that will contribute to the creation or preservation of 1,105 housing units.

According to a news release provided by the CHFA, these developments will include 816 affordable units for low- and moderate-income renters, of which 63 will be designated as permanent supportive housing.

The developments are located in Bridgeport, Colchester, Danbury, Enfield, Meriden, Naugatuck, New Haven, Norwalk, Southington, Stamford, Uncasville, West Hartford and Windsor.

DOH is providing over $71 million in loans and grants, and CHFA is providing low-income housing tax credits (LIHTC) that will generate more than $123 million in private investment along with $26.2 million in financing, according to the release.

The affordable units will be earmarked for residents making up to 80 percent of the Area Median Income (AMI). In addition, CHFA signed financing agreements totaling $7.125 million for 178 units to be funded by the Build For CT program, a collaboration between DOH and CHFA to support the creation of apartments designed to be affordable for middle-income renters, according to the release.

These financing agreements mean those developments are now ready to begin construction, according to the release.

Here's what Norwalk will receive, according to the announcement:

24 Belden Avenue – Norwalk: As part of a mixed-use redevelopment, 24 Belden Avenue will add 102 apartments and two ground-floor retail spaces in Norwalk. The new building will be constructed above existing covered parking. Through the Build For CT program, CHFA is providing a $4 million loan to support the creation of 32 units affordable to middle-income renters who earn 60–80 percent AMI.

Leonard Street Apartments – Norwalk: This five-story senior housing development includes 53 affordable apartments, 52 of which receive project-based Section 8 assistance. Originally built in 1977, the building will undergo renovations to enhance quality and preserve affordability for older adults through CHFA-issued 4 percent LIHTCs that will attract $8.5 million in investment and $408,000 from CHFA’s Opportunity Fund.

"We know our residents need and deserve high quality housing they can afford as soon as possible," Commissioner of Housing Seila Mosquera-Bruno said in a news release. "We'll continue to accelerate development of all types of homes from supportive, to senior, to entry-level and help create sustainable, multi-generational communities throughout Connecticut’s cities and towns."

The full release, which includes a list of all 15 developments, can be viewed here.

"These developments reflect the full spectrum of housing need in Connecticut—from middle-income and senior housing to supportive and deeply affordable homes," CHFA CEO and Executive Director Nandini Natarajan said in a news release. "Each one demonstrates the power of creativity, flexibility, and partnership in responding to the housing challenges facing our communities."