Affordable Housing Projects Land $5.9M in Financing

January 11, 2019 | Reprints | Unlock Link | Print

Seven projects in Connecticut have received nearly $5.9 million in financing from the Federal Home Loan Bank of Boston, which will fund the creation or preservation of 147 affordable housing units.

“In partnership with our member financial institutions, we are proud to provide this funding which greatly benefits individuals and families struggling to afford housing and supports economic development throughout New England,” FHLBB President and CEO Edward A. Hjerpe III said in a statement.

The projects are:

  • The Lofts at Spencer’s Corner, Centerbrook: $700,339 in grant and subsidy and a $900,000 loan for the creation of 17 rental units through the adaptive reuse of a building. Essex Savings Bank will provide a construction and permanent loan.
  • Union School Apartments, East Haven: $498,500 grant to preserve 18 affordable units for seniors. Guilford Savings Bank is providing a construction loan.
  • East Haven High School, East Haven: $500,000 grant to create 70 mixed-income units for seniors. Citizens Bank will provide construction financing.
  • Moose Hill Mews, Guilford: $258,697 grant and subsidy, and a $260,000 loan to build four rental units in two duplexes. Essex Savings Bank will provide construction financing and a permanent loan.
  • Westbrook Village II, Hartford: $1 million grant and subsidy and a $1.3 million loan to create 60 rental apartments at an existing public housing development. Boston Private Bank & Trust Co. will provide a subsidized advance and other permanent financing.
  • HFHECT-Baltic Street, Norwich: $30,000 grant for the construction of two single-family ranch-style homes. Dime Bank will provide construction financing.
  • Reid & Hughes, Norwich: $500,000 grant to rehabilitate a building and create 20 affordable units. Chelsea Groton Bank will provide additional construction financing.

The Connecticut grants are part of $46.6 million in grants and loans from the FHLBB that will be used to help pay construction, acquisition or rehabilitation costs. Member financial institutions work with local developers to apply for funding, which is awarded through a competitive scoring process.