State Announces Housing Financing For 13 Towns, Including West Hartford

WEST HARTFORD, CT — State officials on Oct. 30 announced that multiple finance agreements were signed to fund much-needed housing developments in several Connecticut municipalities, including West Hartford.

The state Department of Housing (DOH) and the Connecticut Housing Finance Authority (CHFA) said they signed financing agreements for 15 developments that will create or preserve 1,105 housing units.

In West Hartford, the agreement will help finance Phase II of the West Hartford Fellowship Housing redevelopment, which will add new affordable homes for seniors as part of a larger effort to redevelop 300 apartments at the Starkel Road site.

Located near transit and community amenities, this phase will include 77 units.

In addition to $6.2 million in funding from DOH, CHFA is providing 9 percent low-income housing tax credits that will attract $19 million in private investment, along with $1.7 million in taxable bond financing.

Statewide, these developments will include 816 affordable units for low- and moderate-income renters, of which 63 will be designated as permanent supportive housing.

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

DOH is providing more than $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.

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

“We know our residents need and deserve high-quality housing they can afford as soon as possible,” said CT Commissioner of Housing Seila Mosquera-Bruno.

“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.”

“These developments reflect the full spectrum of housing need in Connecticut—from middle-income and senior housing to supportive and deeply affordable homes,” said Nandini Natarajan, CEO and Executive Director of CHFA.

“Each one demonstrates the power of creativity, flexibility, and partnership in responding to the housing challenges facing our communities.”

For the full announcement, click on this link.