Five Housing Developments Across Connecticut Receive State Financing: 478 Units in Hamden, Torrington, New Haven, Rocky Hill, and Hartford

The Connecticut Department of Housing (DOH) and the Connecticut Housing Finance Authority (CHFA) are announcing today that they have signed financing agreements for five developments that will create a total of 478 housing units, including 439 affordable units for low- and moderate-income renters. DOH is providing a total of $16,697,675 in loans for developments in Hamden, Hartford, New Haven, Rocky Hill and Torrington. CHFA is providing an additional $35.1 million in financing as well as low-income housing tax credits (LIHTCs) that will generate more than $57.7 million in private investment. The affordable units will be earmarked for residents making between 25% and 80% of the Area Median Income (AMI). In addition, CHFA signed a financing agreement for the first 44 units to be funded by the Build For CT program, a new collaboration between DOH and CHFA to support the creation of apartments designed to be affordable for middle-income renters.

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

“These developments mark a pivotal moment in our mission to create inclusive and affordable housing solutions for the people of Connecticut,” said Commissioner Seila Mosquera-Bruno. “With more than 4,000 units currently under construction, we are tirelessly working to amplify this impact, striving to increase the number of homes and create a more inclusive and sustainable future for Connecticut.”

“These recent closings represent our ongoing commitment to support and expand affordable housing options for individuals and families across the state,” said Nandini Natarajan, CEO and Executive Director of CHFA. “Through strategic financing partnerships and collaborative initiatives, CHFA and DOH remain dedicated to fostering vibrant communities and improving the quality of life for all residents.”

The developments are of varying sizes and financing totals:

• Mt. Carmel Congregate, Hamden – Originally opening in 1979, this congregate living community features 30 units for low-income seniors. Part of the State-sponsored Housing Portfolio (SSHP), Mt. Carmel Congregate will receive $4 million in funding to replace exterior doors and windows, improve parking areas, and install a new HVAC system for the development. This funding allocation was originally approved by the CT State Bond Commission in December 2021.
• Village at Park River / Phases VI-A and VI-B, Hartford – Part of the sixth phase of a multi-phase initiative aimed at revitalizing the former site of Westbrook Village, funding will support the development of 76 rental units, sixty-three of which will be restricted to low-income households. A community building that includes a lounge, fitness center, and management offices was completed in 2022and is shared by all phases of the development. DOH is contributing approximately $8.7 million in financing to the development, while CHFA is providing an additional $6.56 million in financing and 9% LIHTCs that will attract approximately $17.48 million in equity proceeds.
• McConaughy Terrace, New Haven – Built in the 1940s, this development will include the moderate rehab of 197 units and the construction of 26 new units. Moderate rehab will include kitchen renovations and installation of exterior lighting throughout. CHFA is providing $12.2 million in financing as well as both 4% and 9% LIHTCs that are expected to attract a combined $25.4 million in equity proceeds.
• Winchester Green, New Haven – In collaboration with New Haven’s Science Park development, Winchester Green will include 283 residential units, of which 57 units will be affordable, alongside 13,000 square feet of retail space. To support the creation of the affordable units, CHFA is allocating 4% LIHTCs that will generate approximately $6.52 million in equity proceeds.
• Northside Terrace, Torrington – This transformative renovation of 92 units in six buildings includes the addition of a community center, management office and extensive ADA improvements. All units in the development will be affordable, with 72 units affordable to households earning between 25-50% area median income. DOH is contributing $4 million in financing, while CHFA is providing $12.08 million in financing and allocating 4% LIHTCs that will attract approximately $8.3 million in equity proceeds.
• Kelson Row, Rocky Hill – Located on the site of the recently demolished Ames headquarters, this mixed-use development will include 213 residential units. Through the state’s new Build For CT program, CHFA is providing a $5.5 million loan to support the construction of 44 units that will be designated affordable to renters earning between 80-100% of area median income.