State Bond Commission OKs $5 Million for Affordable Housing in Downtown Stamford

*Editor’s note: This story was first published Sept. 29. Here it is again, in case you missed it.

The State Bond Commission has approved $5 million in funding for the Stamford Metro Green III LLC to assist with the construction of 131 affordable housing units, according to an announcement from state Sen. Carlo Leone (D-Stamford).

“Providing quality and affordable housing helps improve health, education and economic outcomes for families,” Leone said in a statement. “The funding being allocated to the Metro Green project will secure a foundation for well-being and allow families to focus more time and resources on quality day care services, medical care and employment. This round of affordable housing is a secure investment in the City of Stamford.”

State Rep. Terry Adams (D-Stamford) said, “We have been working very hard to bring funding for affordable housing to Stamford. …These 131 new units on Atlantic Street will help so many individuals and families in need.”

Gov. Dannel P. Malloy said in a statement, “These units will help many families, support new opportunities in the surrounding neighborhood, attract talented workers, contribute to our economic growth, and create the communities that will be more competitive in today’s business climate.”

Stamford Mayor David Martin also had praise for the Bond Commission decision. “The addition of 131 affordable units in the heart of downtown is truly a phenomenal achievement,” Martin said.

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Martin added, “In Stamford, office workers, computer technicians, nurses and others who earn less than 60 percent of the area median income represent a whole range of people whose job functions are necessary to keep our economic engine moving. Stamford has a long history of both encouraging and demanding that housing be available for all residents. Without creative and innovative partnerships between the city and the state, such as the one that led to Metro Green’s development, these valuable employees could not afford to live here or in surrounding communities.”

This is the third phase of the Metro Green transit-oriented mixed income community. Metro Green III is a key initiative of the Stamford 2030 District, a community of high-efficiency buildings in downtown Stamford that aims to dramatically reduce energy and water consumption and reduce emissions from transportation. Of the 131 units, 73 will be affordable rental housing units with restricted rents from 50 percent to 60 percent of the area median income.