Connecticut Governor Rell Announces Funding for Five Affordable Housing Projects

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June 3, 2008 -- Connecticut Governor M. Jodi Rell today announced that the state is providing $6.2 million in financial assistance for five affordable housing projects across Connecticut.

“Increasing affordable housing options is always a priority, and that is especially true as we work to keep and grow jobs during a national economic slowdown,” Governor Rell said. “Making housing affordable revitalizes our downtowns and transforms neighborhoods into tightly knit communities. It also helps our elderly residents remain independent while giving other residents a helping hand in starting or maintaining their working and family lives.

“These five projects are great examples of how we can promote many policy goals – from transit-oriented development to emphasizing energy efficiency – and create 132 units of housing and offer hope to so many at the same time.”

Two of the projects are being funded through the five-year, $110 million Housing Trust Fund, which is administered by the Department of Economic and Community Development to help create and preserve housing for low- and moderate-income working families by providing critical “gap” financing. The projects are:

· Metro Green Apartments, Stamford: DECD will award up to $2 million for the Metro Green Apartments near Stamford’s downtown, the transportation center, Interstate 95 and a residential neighborhood. The design will emphasize green building technologies, including energy-efficient systems and appliances that meet the environmental standards of the LEED (Leadership in Energy and Environmental Design) program. Stamford Metro Apartments is a mass transit-oriented development project that includes 51 rental units, with 46 units designated for low-income tenants. The four-story building will house 30 one-bedroom units, 16 two-bedroom units and five three-bedroom units.

· 16 Bank Street, Seymour: DECD will award $313,000 for the Bank Street Apartments project that entails the rehabilitation of the former Eckhardt Furniture building in downtown Seymour into 12 units of affordable housing and commercial space on the first floor. The plan calls for the complete restoration of two historic buildings, with the second and third floors converted into one-bedroom rental units for the elderly. The ground floor will be available for retail.

The other three projects are being funded through the HOME Investment Partnership Program, a federally funded program offering grants, loans, and deferred loans to not-for-profit and for-profit developers, housing authorities and individuals to support affordable housing. DECD administers the HOME program funds for qualified projects statewide. The most recent projects are:

· Jessica Tandy Apartments, Bridgeport: The Shore Area Community Development Corporation will be awarded up to $596,874 to assist with the development of a six-unit apartment building for structured housing and support services to families that are affected by HIV/AIDS. The units will be available to tenants who will pay no more than 30 percent of their monthly income for rent. The funds will leverage $1,278,207 in U.S. Housing and Urban Development funding and $440,000 from Bridgeport in HOME funds.

· Victory Cathedral, Hartford: Volunteers of America will be awarded up to $1,362,126 to assist in the development of the Victory Cathedral Elderly Housing project. The four-story building will house 21 new units for tenants age 62 and over whose household income is below 50 percent of the area median income. Part of the project plan includes the provision of the social services necessary to maintain independent living. The units at 218-226 Bellevue Street will be close to a bus route, senior center and other services. The funds will leverage $4.5 million in HUD funding and Hartford will provide gap funding of $600,000.

· Marian Heights, New Britain: Marian Heights, Inc. will be awarded up to $2 million to rehabilitate the former Motherhouse of the Daughters of Mary of the Immaculate Conception convent located at 314 Osgood Avenue. The project will create 42 one-bedroom units for low-income elderly residents. Other sections of the building will serve as a child day care center and an adult day care center. The project will leverage over $6 million in HUD funds and $100,000 in New Britain HOME funds.

Source: Connecticut Governor