The Connecticut Bond Commission, chaired by Governor Ned Lamont, on Friday approved a $6 million low-interest loan to Succcess Village Apartments that will ease the financial hardship of the nearly 1,000-unit co-op split between Bridgeport and Stratford.
Attorney Barry Knott, the court-appointed receiver of Success Village, said prior to the vote “This is crucial. Without this, we go down.”
Unclear when exactly the loan will be issued, but Knott says a good chunk of the money will go toward millions in back taxes owed to Bridgeport and Stratford as well as utilities that had not been paid in years under the prior board that the court displaced in favor of Knott’s management to stabilize finances and modernize an antiquated, leaky boiler system that compromised heat and hot water.
The loan is being processed through the Department of Housing that was shepherded by the Bridgeport and Stratford legislative delegations during the recently ended session following discussions between Knott and Bridgeport’s Chief Administrative Officer Tom Gaudett.
State Rep. Antonio Felipe is House chair of the Housing committee.
Success Village, a 900 unit co-op located in Bridgeport and Stratford, has appeared in the media for heat and hot-water health issues, tax payments in arrears, utility bills unpaid, as the appointment by Judge Radcliffe of Attorney Knott, as a receiver for the property who continues to report to the community about developments.
Initially the two cities did not attend formally to owner-resident issues informing anyone who raised questions that it was a State issue. But living issues and Health Departments as well as absent tax payments caused the Mayors to be involved to secure millions missing from their coffers and have added funds to the total as well.
Now the State is part of the “business resolution” of issues with fund approval of $6 Million of Bond financing.
But the narrative is missing who will pick up the trail of the millions that disappeared into accounts that were sent to pockets not intended by owner-residents. Who is responsible? City police? State attorney?
Federal departments? Silence, neither confirms, nor denies, a search is ongoing, frankly. Where are the State legislators who can gain access to funds to remedy a situation and get it back on track, but have been quiet about amending rules regarding self-governing CO-OP or CONCO groups that operate under State laws, when self-governance is not effective? When accountability, transparency, or honesty is questioned, must we wait for painful catastrophes to occur, or is a ‘housing early warning system’ possible to structure and legislate? Time will tell.
Deafening silence on the purloined $3 million…