New Haven’s housing authority has decided to help a Montreal developer find the money include subsidized apartments in the $395 million development planned for the New Haven Coliseum site.
The housing authority (technically the Housing Authority of New Haven, or HANH) last month approved 19 Section 8 subsidized project-based vouchers for the 700-unit $395 million mixed-use project the Montreal firm called LiveWorkLearnPlay plans to build on the the Orange/George/State Street lot.
The city approved the plan recently with a financial commitment of $12 million and is hoping the state and federal government kick in another $32 million for road improvements.
Yet the firm’s commitment—20 percent of the apartments must be “affordable”—means that in the first phase, when 370 units are to be built, a total of 74 units must be affordable.
Beyond the 19 Section 8 project-based vouchers, where will LiveWorkLearnPlay ind money for the balance of 18 units—to make the 20 percent quota of the first phase?
Enter HANH once again. At their monthly meeting last week, HANH commissioners approved another resolution to help LiveWorkLearnPlay find that financing.
By a unanimous vote they decided to help the developer find funding for the balance of the affordable units. HANH will earn a fee in the process.
Specifically the resolution empowered the Glendower Group—that’s a separate entity HANH uses when it functions as a developer, or partner/consultant to developers—to explore “additional affordable housing opportunities” with LiveWorkLearnPlay as the Coliseum site project advances.
The project eventually calls for 740 apartments. The resolution means HANH may help over the life of the enterprise for the developer to make 74 of those homes affordable to low-income and working tenants.
HANH plans to help LiveWorkLearnPlay obtain low-income housing tax credits from the Connecticut Housing Finance Authority (CHFA), and from the State’s Department of Economic and Community Development department, as well as money from federal sources, according to the resolution.
For those services HANH is to be reimbursed for its consulting services in an amount not to exceed $100,000, according to the resolution.
The subsidies, wherever they come from, make up the difference between what a poor or working family can afford to live in downtown New Haven’s biggest planned new community.