Simsbury Affordable Housing Site Receives State Financing For Major Renovation

SIMSBURY, CT — An affordable housing community in Simsbury is among 10 developments across Connecticut that have secured state financing to create or preserve nearly 500 housing units, state officials announced.

The Connecticut Department of Housing and the Connecticut Housing Finance Authority recently finalized financing agreements for developments that will create or preserve 496 housing units in nine municipalities.

Of those, 396 units will be affordable for low- and moderate-income renters, including 74 permanent supportive housing units.

In Simsbury, the financing will support the Willow Arms affordable housing community, where 81 existing affordable apartments will be preserved and modernized through a substantial rehabilitation project.

CHFA is providing 9% Low-Income Housing Tax Credits, which are expected to generate approximately $17.5 million in private investment.

The agency is also providing $1.8 million in taxable bond financing and $1 million from the Opportunity Fund.

The Connecticut Department of Housing is contributing an additional $6.8 million to the Simsbury project.

The redevelopment includes nine supportive housing units funded through the state's CT811 program.

Planned improvements include energy-efficient building upgrades, solar power installations, and enhanced amenities for residents.

Statewide, the Department of Housing is investing approximately $55 million in loans and grants, while CHFA is providing tax credits expected to leverage more than $67.5 million in private investment, along with $31.8 million in financing.

The affordable units will serve households earning up to 80% of the Area Median Income.

CHFA also finalized financing agreements totaling $3.5 million for 130 additional housing units through the Build For CT program, a partnership with the Department of Housing that supports apartments aimed at middle-income renters.

State officials said the financing agreements mean the developments are now under construction or ready to begin construction.

"Every community needs housing residents can afford, that allows them to remain connected to the places where they work and raise families," Connecticut Housing Commissioner Seila Mosquera-Bruno said in a statement. "These investments reflect the state's commitment to creating and preserving housing that serves everyone, of all generations and all income levels. We look forward to standing up these projects and, more importantly, seeing our families thriving in their homes and neighborhoods."

"Housing challenges look different from one community to the next, which is why flexible financing tools and strong partnerships are so important," Nandini Natarajan, CHFA's chief executive officer and executive director, said in a statement. "These developments will create new opportunities across Connecticut while preserving existing housing, attracting private investment, and strengthening neighborhoods for the long term."

For more information on the statewide financing program, click on this link.