Moolah For Marina Village Housing Replacement

Governor Dan Malloy announced today $5 million to help finance the first phase of housing replacement for Marina Village in the South End. News release from Malloy:

Governor Dannel P. Malloy, Department of Housing (DOH) Commissioner Evonne M. Klein, and Connecticut Housing Finance Authority (CHFA) President and Executive Director Eric Chatman today announced investments of over $25 million in six affordable housing projects selected under the Competitive Housing Assistance for Multifamily Properties (CHAMP) initiative. The plans will build and rehabilitate over 500 affordable apartments.

“In this year alone, we’ve made more than $100 million available to help municipalities address one of their most pressing needs–the lack of affordable housing options in their communities,” said Governor Malloy. “We are doing more to support local efforts to create and rehabilitate affordable housing, which will revitalize neighborhoods and strengthen entire communities. And when we do this across the state, we are enhancing the quality of life for all in Connecticut. At the same time, these projects will bring in over $22 million in federal tax credit equity through the 4% Low Income Housing Tax Credit (LIHTC) program administered by CHFA.”

The projects announced today competed successfully in the fifth round of the CHAMP initiative. Investments include over $25 million in state capital funding, $22.5 million in federal 4% LIHTC credits and $3.9 million in CHFA tax exempt bond financing. CHAMP is administered by DOH and helps owners and developers of multifamily rental developments to expand or rehabilitate affordable and supportive housing.

Bridgeport–Crescent Crossing
DOH will provide up to $5 million in CHAMP funds to assist in the construction of 93 new units of affordable housing. The project is within walking distance to bus routes, grocery stores, a school, a proposed train station, and other retail/commercial activities. The 93 units will be contained in 6 buildings with a unit mix of one-, two- and three-bedroom units. DOH funding will leverage nearly $7 million in Federal Disaster Recovery (CDBG-DR) funds and over $20 million in other non-CHAMP funds. Crescent Crossing is the first phase of the replacement of Marina Village, which was heavily damaged by Super Storm Sandy and prior storms.