News release from Bridgeport Neighborhood Trust:
On Tuesday (today) Bridgeport Neighborhood Trust will be celebrating the groundbreaking of their newest development at 570 State Street. To commemorate the construction of the beautiful new five-story brick building lining the thoroughfare heading into Downtown Bridgeport, BNT is hosting a “Celebration of Bridgeport’s Past, Present and Future.”
The event will be hosted by BNT Board President Luis Sanchez and BNT Board Vice-President Terence Floyd. Speakers at this historic event will include: Bridgeport Mayor Bill Finch, Representative Jim Himes, Connecticut State Senator Andres Ayala, Eric Chatman of Connecticut Housing Finance Authority, Suzanne Piacentini of the US Department of Housing and Urban Development, Kent McClun of Wells Fargo, BNT Board Member Kim Bianca Williams, and BNT Executive Director Elizabeth Torres.
To celebrate the past, a key part of the event will be the burial of a time capsule celebrating Bridgeport’s rich history on the 570 State Street grounds.
The mixed-use building at 570 State Street will provide commercial and residential space in an area that had been an empty lot for years. The building will be Connecticut’s first Energy Star Multifamily High Rise and will house Bridgeport Neighborhood Trust and provide 30 mixed-income apartments.
The Development Team includes Paul Bailey Architects (architect), Haynes Construction (general contractor), Operation Hope (social service provider), Mutual Housing of SouthWestern Connecticut (property manager), The Housing Development Team (consultant) and Steve Lichtman (attorney).
The total development costs exceed $7M. In addition to funding from the Interagency Committee for Supportive Housing, the project also received support from the City of Bridgeport, Corporation for Supportive Housing, Community Capital Fund, and Wells Fargo. Work is slated to be completed in early 2014.
About Bridgeport Neighborhood Trust:
BNT’s mission is to LEAD, EMPOWER and CHANGE Bridgeport neighborhoods, improving quality of life through affordable housing opportunities. To meet this challenge, BNT develops and manages affordable housing, creates healthy homes with a focus on lead remediation and provides comprehensive homeownership counseling for low-and moderate-income families.
Over the past 8 years, BNT’s results include the development of 87 new affordable housing units (53 are under management). Currently it has an additional 46 units in construction. With regards to its programs, BNT has created 700 lead-safe apartments and helped 457 families achieve home ownership.
Let’s do the math. Are there a total of 25 commercial and residential units? This would carry a price tag of $280,000 per unit. You can purchase a mansion for this price in Bridgeport.
This BNT group, 11 units a year?
No wonder none of these politicians are supporting HB 5724.
Not to mention they are getting this property, this large clean property, handed to them by the City.
And the property taxes will be? This year? Next year? Ten years from now? Open, accountable and transparent use of public funds? Let’s learn the whole story. Time will tell.
*** I AM IN NEED OF A 55+ REASONABLE LEASE RENTAL IN BPT OR FAIRFIELD COUNTY IN GENERAL! COULD THIS BE GOOD FOR ME, ETC.? *** WAITING! ***