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Today, Sen. Doug McCrory, D-Hartford, welcomed state financing to support the renovation of two housing developments that will make available hundreds of units of affordable housing in Hartford.
These projects include renovations at MLK Apartments in Hartford’s Sheldon and Charter Oak neighborhood as well as the refurbishment of units at Bedford Gardens in the Clay Arsenal neighborhood.
“This financing is a vital step forward for Hartford, addressing our pressing need for more affordable housing options,” Senator McCrory said. “The redevelopment of MLK Apartments and Bedford Gardens will provide much-needed homes and strengthen our community by supporting households with lower incomes. I want to thank the Connecticut Department of Housing and the Connecticut Housing Finance Authority for their crucial support in making these projects possible.”
The redevelopment of MLK Apartments will include 155 affordably priced units for households earning at or below 60% area median income.
The Connecticut Department of Housing announced last week it would provide $11.7 million in financing for this project. The Connecticut Housing Finance Authority is providing another $20.5 million in financing. Additionally, low-income housing tax credits are expected to generate more than $27 million in private investment for this project.
A separate project will fund the renovation of 84 units at Bedford Garden. These units will be designated as affordable to households who earn at or below 60% area median income.
New funding for this project includes $4 million from the Housing Department, $3.89 million in CHFA financing, and low-income housing tax credits, which are expected to generate more than $8.6 million in private investment.
The Department of Housing and Connecticut Housing Finance Authority announced the financing as one of nine projects, which will receive a total of more than $57 million in loans and grants from DOH and $51.6 million from CHFA.
These projects are expected to create a total of 722 housing units, including 651 for low- and moderate-income renters, 82 of which will be permanent supportive housing for people experiencing homelessness and people with disabilities.
“Since 2019 we have built or rehabilitated 12,000 affordable units in different communities around the state, with another 5,000 under construction” Housing Commissioner Seila Mosquera-Bruno said. “Soon these units will become homes for many families who expect and deserve high-quality affordable living. DOH will continue to work with all our partners to ensure that residents have options that are affordable in the community they choose to call home.”
“We are excited to support these housing developments, which will make a meaningful impact on the lives of Connecticut residents,” CHFA CEO Nandini Natarajan said. “Through strategic financing and collaboration, CHFA is dedicated to providing safe, affordable housing for individuals and families across a range of income levels. These developments highlight the importance of public-private partnerships in fostering inclusive communities and addressing the diverse housing needs of our state.”
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