Stafford Affordable Housing Awarded Crucial Funding

March 27, 2015

Hartford, CT – State Senator Tony Guglielmo (R-Stafford) supports the Department of Housing decision to investment more than $60 million in funding for 14 affordable housing projects across the state including the Avery Park Revitalization project in Stafford.

“This project will really help the people living in the area have a safe environment to live in that is affordable,” said Sen. Guglielmo. “Many of the elderly in our district have limited means and can’t afford the rents that are being offered. This is truly a wise investment that will pay dividends for years to come.”

Some residents from the existing Avery Park development are expected to move to the new development. The new development will include a multipurpose room, computer and library space and other amenities. Energy-efficiency measures are incorporated into the design and the construction of the development.
Over all the housing assistance and tax credit programs will build and rehabilitate 851 affordable apartments and 246 market-rate units around the state.

Investments include more than $60 million in state capital funding, a projected $84.6 million in federal 4% and 9% Low Income Housing Tax credit equity, and $19.4 million in permanent Connecticut Housing Finance Authority tax exempt bond financing.

All totaled the Avery Park Revitalization has been awarded $11.1 million in 9% LIHTC equity and Department of Housing will provide up to $6.5 million in state capital funds to build a new complex with 79 one-bedroom apartments for elderly residents.

The development will encourage economic integration with 71 units for residents with incomes ranging up to 60% of the area median income, including 16 with supportive services, plus eight units for those with incomes at 100% to 120% of the area median income.

The state housing finance authority administers the tax credit program, which is a federal tax incentive program designed to stimulate private investment in affordable housing. Under the program, developers can obtain equity financing to acquire, rehabilitate and/or construct new low- or moderate-income housing through the allocation of federal tax credits that may be sold to corporations or investor groups.