Stamford Receives State Funding For Housing Development

STAMFORD, CT — The Connecticut Department of Housing (DOH) and the Connecticut Housing Finance Authority (CHFA) announced this week they have signed financing agreements for six housing developments in Norwalk, Norwich, Stamford, Waterford, and Westport.

The DOH and CHFA said the developments will contribute to the creation of a total of 758 housing units, including 396 affordable units for low- and moderate-income renters, 18 of which will be designated as permanent supportive housing for people experiencing homelessness and people with disabilities.

Stamford will receive $4 million in financing for the Oak Park Phase 1 project, according to a news release.

This is the first phase of a proposed three-phase redevelopment of Oak Park in Stamford, which was built in the 1940s under the State Moderate Rental Program. This phase of development includes a total of 61 units, 19 of which will be utilizing project-based vouchers supporting very low-income households.

All units will be affordable to households earning at or below 60 percent area median income. The property will also support a part-time resident service coordinator.

In addition to financing, CHFA is awarding 9 percent low income housing tax credits that will raise more than $17 million in private investment, according to a news release.

"We’re excited that these finance agreements are done, and construction can begin," said Connecticut Housing Commissioner Seila Mosquera-Bruno in a news release. "These units will become permanent homes for our residents who deserve high-quality affordable living. DOH will continue to work as fast as possible to ensure our families and individuals have affordable housing options in their own communities."

CEO and Executive Director of CHFA Nandini Natarajan said the new developments "exemplify our commitment to creating economically diverse communities through strategic public-private partnerships."