Design for "Winchester Green" apartments and retail on a vacant lot within Science Park, complete with a new interior street grid.
Two New Haven housing complexes have signed financing agreements with the state in order to create affordable units: Winchester Green, a new development in fast-changing Science Park, and McConaughy Terrace, a public housing complex undergoing rehabilitation.
The Connecticut Department of Housing (DOH) and the Connecticut Housing Finance Authority (CHFA) made the announcement on Thursday. DOHwill provide more than $16 million in loans, and CHFA is providing an additional $35.1 million in financing as well as low-income housing tax credits (LIHTCs), for five housing developments across the state.
The plan will create a total of 478 housing units across Connecticut, including 439 affordable units for low- and moderate-income renters. The affordable units will be available to residents making between 25 percent and 80 percent of the Area Median Income.
Fifty-seven of Winchester Green’s 283 apartments will be affordable. To support their creation, CHFA is allocating 4 percent LIHTCs that will “generate approximately $6.52 million in equity proceeds.” The Science Park mixed-income development will have an estimated rent price for affordable units as $600 to $1,790 per month, depending on changes to the area median income and unit size. Non-affordable units are estimated to be $1,950 to $4,500 per month, also depending on unit size. Read more about Winchester Green here and here.
McConaughy Terrace, a public housing complex in West Rock, was constructed in the 1940s and is managed by the Housing Authority of New Haven. In May 2023, alders approved a 39-year tax deal to rehabilitate the complex — a plan that began in 2021. The project will include the “moderate rehab” (“kitchen renovations and the installation of exterior lighting throughout”) of 197 units and the construction of 26 new units. 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.”
These financing agreements mean those developments are now ready to begin construction.
Awesome! And finally units with deeply affordable units for lower income retirees, disabled and front line and essential workers.
At $600.00 per month rents, a retail, restaurant, or childcare, elder care worker at close to minimum wages or a retiree or disabled living on Social Security income can afford to live there.