On the Drawing Boards -- 73 More Affordable Housing Units in Stamford

There will be more affordable housing in Stamford thanks to a state Department of Housing $5 million loan that will help finance the third phase of the Metro Green apartment development in the city’s South End.

Gov. Dannel P. Malloy, Department of Housing (DOH) Commissioner and Connecticut Housing Finance Authority (CHFA) Board Chairman Evonne M. Klein announced on Thursday that the loan is part of more than $60 million in funding being made available for 14 affordable housing projects across the state.

The projects will build and rehabilitate 851 affordable apartments and 246 market-rate units, according to the governor’s office.

The loan of up to $5 million will help finance construction of the 155-unit Metro Green III project that will be the third phase of the Metro Green transit-oriented mixed income community on Atlantic Street — a block south of the Metro-North train station.

Metro Green III is described as a key initiative of the Stamford 2030 District, that is a community of high-efficiency buildings in Downtown Stamford that is to be designed to reduce energy and water consumption and reduce emissions from transportation.

The project will consist of two buildings with a mix of 155 studio, one- and two-bedroom units. Seventy-three units will be affordable and 82 will be market rate. Public amenities will include a public plaza, with a streetscape and private courtyard with a dog play area, playground, and a community garden. The parking lot will feature a 100,000 gallon rainwater harvesting system that will irrigate the entire Metro Green Residential site.

In a statement, Malloy said, “These units will help hundreds of families, support municipalities, attract talented workers, contribute to our economic growth, and create the communities that will be more competitive in today’s business climate. It’s progress for Connecticut.”

“The investments the Governor is announcing today include over $250 million in total development costs, leveraging nearly three and a half times the amount of DOH’s investment. The total development cost of the projects includes private commercial lending, private equity, tax-exempt and taxable bond financing and other sources,” Klein said in a statement. “By collaborating with our partners, we are finding creative, innovative ways to help communities deal with one of their most pressing needs, and that’s a shortage of affordable housing options.”

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Photo credit: MetroGreenResidences.com.