From Gov. Rell’s office:
Governor M. Jodi Rell today announced that more than $3 million from the state’s Housing Trust Fund (HTF) program will go toward an affordable housing project in downtown Bridgeport.
The funds will be used to help the developer, Bridgeport Phase II Owner, LLC to complete 59 residential units and 50,000 square feet of retail and office space downtown in the Arcade and Golden Hill buildings on Main Street.
“Revitalization of blighted downtown buildings to provide both affordable housing and retail opportunities are vital components for both our economy and society. Families need more options and opportunities especially when there is housing near transportation and jobs,” Governor Rell said. “The Housing Trust Fund is an invaluable tool for communities – from our smallest town to our largest city Bridgeport – to help meet the housing needs of their residents.”
The Bridgeport project is one of five in the state to receive these funds. Nineteen of the 59 units will be deed-restricted to households with incomes at or below 100 percent of area median income. The $3,015,000 HTF loan is a 30-year loan offered at 1 percent interest, with principal and interest partially deferred. The total cost of completing the project is $12.8 million.
“The statewide projects we’re announcing today will add 408 units of housing, many of them targeted for low and very low-income households, in some of the areas hardest hit by the housing crash. These funds will go a long way in restoring people’s hope and their economic stability.”
The other projects are: Alfred E. Plant Elderly Apartments, West Hartford; Cedarwoods Apartments, Windham; Briarcliff Apartments, New London; and Metro Green Apartments, Stamford.
I thought that years back the city had renovated the arcade with new stores and new housing on top of the arcade that was at one time a hotel. So now what are they renovating. The retail store space was renovated and so were the apartments on top.
Comment by Cecilia Avila — August 29th, 2010 @ 11:47 am