Tolland Among 6 Included in Senior Housing Funding

Governor Dannel P. Malloy, Connecticut Department of Housing (DOH) Commissioner Evonne M. Klein, and Connecticut Housing Finance Authority (CHFA) Executive Director Karl Kilduff announced Monday state investments of over $20 million to create six affordable housing developments across the state, including one in Tolland.

The housing grants, which come from the most recent Competitive Housing Assistance for Multifamily Properties (CHAMP) funding round, will assist in creating and rehabilitating 230 affordable units and 52 market-rate units.

The DOH will loan up to $4.6 million to redevelop the vacant former Parker Elementary School in Tolland into 37 units of affordable senior housing. CHFA is expected to provide $1.3 million in Tax Exempt Bond funding and 4 percent LIHTC equity of $2.6 million.

In undertaking the redevelopment of the former school, The Access Agency, Inc. will complete a gut renovation of the interior while maintaining the post-war historic character of the building’s exterior. Renovations will include complete façade, building envelope, mechanical, plumbing and electrical upgrades. All of the units will meet or exceed the federal and state accessibility guidelines and 2 units will be set aside for low-income veterans.

These apartments are near the Tolland Green, and while van service will be provided to the elderly residents, the property is only a short walking distance to municipal offices and services, including the Tolland senior center and library.

“We have done more on housing in the past few years than Connecticut has done in decades. Affordable housing creates vibrant communities that attract families, workers, businesses, and private investments. It’s ultimately all about strengthening our economic base,” Malloy said. “The housing initiatives that we’re announcing today, leveraged with other recent, unprecedented commitments to create and preserve housing throughout the state, will help these towns and cities create the kinds of communities that will be competitive in today’s business climate. It’s another important step forward.”

CHAMP, administered by DOH, helps owners and developers of multifamily rental properties to expand or rehabilitate affordable and supportive housing. CHFA administers the LIHTC program, which is a federal tax incentive program designed to stimulate private investment in affordable housing. Under the program, developers can obtain equity financing to acquire, rehabilitate, and/or construct new low or moderate-income housing through the allocation of federal tax credits that may be sold to corporations or investor groups.

“Addressing housing affordability is key to attracting and retaining talent in Connecticut,” Lt. Governor Nancy Wyman said. “State government must be a strong partner in efforts to expand housing options – our business climate and our communities depend on it. I applaud Governor Malloy, Commissioner Klein, and CHFA on these investments in our towns.”

“The investments the Governor is announcing today include over $86 million in total development costs, leveraging over four times the amount that the state is contributing,” Klein said. “The total development cost of the projects includes private commercial lending, private equity, tax-exempt and taxable bond financing and other sources. By collaborating with our partners we are finding creative and innovative ways to help communities address one their most pressing needs, and that’s the shortage of safe, quality, and affordable housing.”

Since 2011, the state has created 6,958 affordable housing units, there are another 2,517 affordable units under construction, and funding commitments are in place to create another 5,255 affordable units. The state’s investment in providing quality and affordable housing totals almost $1 billion dollars – a stark representation as to the high level of commitment being made to prevent and end homelessness and ensuring every resident has a place to call home.

“With the leadership of Governor Malloy and Commissioner Klein, Connecticut is transforming affordable housing in Connecticut. Each month, the number of affordable units available to Connecticut residents continues to grow, bringing positive changes to peoples’ lives,” Kilduff said.

Other CHAMP recipients are in Hartford, Kent, New Haven (two projects) and Salisbury.

Awards are subject to a fully executed contract agreement. The CHFA funding sources are pending final approval from the Board of Directors.

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