State Funding Expected for Stamford Public Housing Project

The revitalization of Stamford’s Vidal Court housing complex is one of nearly 20 public housing projects that is expected to receive state bond funding.

In an announcement Wednesday, Gov. Dannel P. Malloy said that the State plans to make new investments in affordable housing across the state, “with the projects anticipated to receive nearly $78 million in state bond funding in an effort to help towns and cities foster economic growth, create livable communities, and attract businesses.”

The investments build on the expansion of quality, affordable housing effort Malloy initiated since 2011. The state has provided funding to build 17,897 housing units across Connecticut in the last five years.

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A $7.3 million loan to Park 215 Limited Partnership, or another eligible applicant, will assist with the development of 47 affordable units and 31 market rate units as part of the fourth phase of the revitalization of Vidal Court. The fourth phase will be located on Stillwater Avenue, partially on the Vidal Court site and partially on adjacent land acquired by Charter Oak Communities, according to Charter Oak.

The loan will be provided at 0.25 percent for 40 years, amortizing over the final 32 years with no interest until the ninth year and payments will be capped at 55 percent of net cash flow with any unpaid interest and principal added to the loan balance.

“This is all part of a massive, long-term revitalization strategy, which is why we’re doing more on housing than ever before. It’s key to economic growth,” Malloy said in a statement. “As we expand access to quality, affordable housing, we’re creating more livable communities and making ourselves more attractive to companies. The availability of affordable housing is an economic driver that attracts business and jobs, and makes communities more vibrant places to live, work, and raise a family. If we want to have a quality workforce, and if we want to be economically competitive, it’s important to have quality housing.”

The package of nearly $78 million in investments are scheduled to be approved at Friday’s meeting of the State Bond Commission, which is chaired by Malloy.

Photo credit: Charter Oak Communities.