State Funds To Support Affordable Housing Projects In Bridgeport

BRIDGEPORT, Conn. -- State officials have announced investments of more than $60 million in funding for 14 affordable housing projects across the state, including two projects in Bridgeport.

Investments of more than $60 million have been set aside to begin affordable housing projects in Bridgeport.
Photo Credit: *File*

Cassandra Huerta

04/04/2015 4:30 a.m.

“We have done more in affordable housing over the past several years than Connecticut has in decades – and this is yet another step in that direction. As we make smart investments today for a brighter Connecticut tomorrow, affordable housing is an integral part,” Gov., Dannel Malloy said.

Malloy was joined in making the announcement by Evonne M. Klein, state Department of Housing (DOH) commissioner and Connecticut Housing Finance Authority (CHFA) board chairman

These are the developments receiving funds in Bridgeport:

515 West Ave.; Bridgeport Neighborhood Trust - CHFA has awarded $8.2 million in 9 percent Low Income Housing Tax Credit (LIHTC) equity and DOH will provide up to $1.6 million in state capital funds to construct this 48-unit mixed-income development. 515 West Avenue will be located within a half-mile of an existing mass-transit station. The four-story building will be mixed income, with apartments serving households with incomes ranging from less than 25 percent of the area median income, up to those households with incomes between 80 percent and 100 percent of the area median income. In addition, there will be 10 units of supportive housing with services for homeless veterans and other homeless individuals. The building will be fully handicap accessible and include a parking garage on the first level. Bridgeport is supporting the development with a payment in lieu of taxes agreement.
Crescent Crossing Phase 1B; Bridgeport Community Renewal Associates, LP – CHFA has awarded $19.1 million in 9 percent LIHTC equity and DOH will provide up to $5 million in state capital funds and $2.8 million in Superstorm Sandy Community Development Block Grant Disaster Recovery funds to build Crescent Crossing. There will be four buildings with a total of 84 units: 21 for people with incomes up to 25 percent of the area median income; 34 units for people with incomes of 25 percent to 50 percent of the area median income; 12 for those with incomes of 50 percent to 60 percent of the area median income; and 17 units for those with incomes of 80 percent to 100 percent of the area median income. There will be 9 units with supportive services for homeless veterans and other homeless and very low-income residents. Crescent Crossing Phase 1B is also a transit-oriented development.

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