Governor Dan Malloy announced on Thursday that the Department of Housing will provide up to $3,598,912 to assist Bridgeport Neighborhood Trust’s affordable housing project Downtown.
The CHAMP program, which is administered by DOH, provides developers and owners of multifamily affordable housing the necessary gap financing to create more affordable units in their developments.
Since 2011, the state has created, rehabilitated, and preserved 9,636 affordable housing units. An additional 3,235 affordable units are under construction, and funding commitments are in place to create approximately 5,200 more units. The state’s investment in affordable housing totals about $1 billion dollars–a testament to the high level of commitment that is being made to prevent and end homelessness, while ensuring every resident has a place to call home. This investment in the housing industry has spurred another $2.5 billion in direct economic activity across the state.
The recipients of the tenth round of financing under the CHAMP program includes:
Bridgeport: West Liberty Commons–DOH will provide up to $3,598,912 to assist Bridgeport Neighborhood Trust in the development of 18 apartments, including 14 affordable units targeted to households with incomes at 25 percent, 50 percent and 60 percent of the area median income and four market rate apartments. The development will be located on West Avenue, within the Division Street Historic District, which is listed on the National Register. The location is in close proximity to parks, schools, and amenities, and is within one-half mile of the Bridgeport Multimodal Transportation Center, which includes a major railroad station, regional bus service, and ferry service to Long Island. The development is on the western edge of downtown Bridgeport, within the boundaries of the Bridgeport Urban Enterprise Zone, and will be supported by both a tax deferral and city HOME funds. Additional funding will be provided by the Federal Home Loan Bank, through its Affordable Housing Program, and People’s United Bank.