Crescent Crossings Public-Private Housing Partnership Advances On East Side

After delays, a new partnership between the city’s housing authority and developer is progressing on the East Side that includes 62 of 85 units classified as affordable.

Under the long-term, development-partnership lease the land is owned by Park City Communities that manages the housing authority, the apartments owned by the developer.

More from CT Post reporter Brian Lockhart:

“The framing is going up as we speak and everything is well underway over there,” developer Todd McClutchy of Stamford-based JHM Group said this week “And all the financing is in place for it.”

The state announced that last crucial piece in mid-March. The latest section of Crescent Crossings, located on the East Side a short distance across Barnum Avenue from shuttered landmark the Remington Arms factory, received $14.8 million from the Connecticut Department of Housing and the Connecticut Housing Finance Authority. The state also provided low income housing tax credits aimed at attracting an additional $18 million. McClutchy said the total phase 3 budget is $39 million.

The state’s involvement means that 62 of the 85 units will be “affordable to households earning at or below 60 percent of area median income” according to that March 19 announcement.

Crescent Crossings is the Bridgeport public housing authority’s first attempt at a new public/private development and management model. The stated goal is to de-concentrate poverty and move away from the aged, entirely low-income buildings the authority owns around town.