Seaside Village Works to Expand Housing Opportunities for Working Families

SEASIDE VILLAGE WORKS TO EXPAND HOUSING OPPORTUNITIES FOR WORKING FAMILIES

Niantic community residence strives to bring seaside living to those who could not typically afford it

Niantic, Conn. – September 22, 2016 – Seaside Village, a spacious residence featuring townhome style quads and condominiums, announced today the incorporation of workforce housing units into its community in an effort to make this highly desirable property accessible for a much greater audience. The complex is committed to expanding housing opportunities for working families interested in living in the town of Niantic, Connecticut.

“Seaside Village was designed on the premise that individuals want more than just a place to live,” said Eric VanDusen, Senior Vice President at New Boston Fund. “The community offers residents an attractive, laid-back and picturesque lifestyle that we feel should be available to a wider audience.”

At Seaside Village, 30 percent of the housing is now reserved for households with incomes of $55,000 or less. At $219,000 - $235,000 for two-bedrooms, two-bathroom units ranging in size from 920 to 1,060 square feet, these prices are around 20 percent lower than market-rate units with similar layouts. Taxes and condo fees are around 50 percent of regular costs.

"Expanding access to affordable, workforce housing is a top priority of the Malloy Administration," said Connecticut Department of Housing Commissioner Evonne M. Klein. "Clearly the Niantic community understands the importance of attracting and maintaining a workforce, and providing housing options does just that. Seaside Village will certainly add to the vibrancy of the community."

Seaside Village is located within easy walking distance of shops, restaurants, a scenic pond and the beach. The community provides a maintenance-free lifestyle in a beautiful setting right on the water.

The town of East Lyme, which contains the village of Niantic, offers direct rail access to Boston and New York and was voted one of the “Top 20 places to Retire” by Connecticut Magazine and one of “America’s Best Small Towns,” according to Money Magazine.

Seaside Village was developed by New Boston Fund’s Urban Strategy America Fund, a triple-bottom line fund that executes on the promise of generating solid returns to investors, spurring economic development and workforce housing, and promoting environmental sustainability.

For more information on Seaside Village at 38 Hope Street, please contact Carolyn Morrison at 860-739-7400 or cmorrison@seasideniantic.com. For additional background on the homes at Seaside Village and Niantic’s charming way of life, please visit the Seaside Village website at.

About New Boston Fund

New Boston is an independent, privately owned real estate investment manager and an industry leader in providing real estate investment, development and management services with a history of strong sponsorship and oversight of its investment funds. New Boston has developed or acquired commercial and residential properties with a cumulative market value of about $3.5 billion, including 23 million square feet of commercial real estate and 7,500 residential units. Our investment vehicles cater to institutional and high-net worth investors by offering value-add and urban real estate investment funds with a focus on diversification and capital preservation. The New Boston Fund: People, Values, Returns. www.newbostonfund.com

About Urban Strategy America Fund

The Urban Strategy America (USA) Fund is a New Boston real estate investment fund that executes on the promise of a triple bottom line. The goal is to generate solid returns to investors, spur economic development, create workforce housing and promote environmental sustainability. To date, the $190 million USA Fund has developed or acquired 1.8 million square feet of office and industrial space and 1,561 residential units.

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