The Housing Agencies Speak…Again

The Annual Conference of the Connecticut Housing Coalition

September 29, 2015

Senator Gary Winfield, Co-Chair Housing CommitteeState of Connecticut Department of HousingConnecticut Housing Finance AuthorityU.S. Department of Housing and Urban Development

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Introductions The View from the Gold Dome: Housing Issues in the

Last Session and a Look Ahead Success Stories: Recent Projects under Construction

or Completed this Year Funding Opportunities and New Initiatives Q&A

Overview

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The View from the Gold Dome:

Housing Issues in the Last Session and a Look Ahead

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Success Stories: Recent Projects under Construction or Completed this Year

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Wall Street Place will recreate the "uptown" part of the urban fabric that was once the heart of the Norwalk.

Phase I will contain 21 residential units for households earning up to 60% of AMI and 15 units for households earning up to 50% of AMI.

The approved development plans also include 850 parking spaces, and approximately 60,000 square feet of commercial and retail space.                                            

         

Getting it done in ConnecticutWall Street in Norwalk

 SOURCES OF FUNDS9% Federal LIHTC net proceeds $ 8,640,140 Deferred Developer Fee $ 495,660 Private Bank Loan (Citi Bank) $ 3,430,000 DOH Affordable Hsg Program- Flex $ 3,500,000

       TOTAL   $ 16,068,800

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24 Colony Street will be a 4-story mixed-use and mixed-income apartment/commercial complex in a newly created "Transit Oriented District“ in downtown Meriden.

A new intermodal transportation center will be built across the street by CT DOT, the first such development on the New Haven/Springfield commuter rail line.

This development will consist of 63 residential apartments, first floor commercial space and parking. CT DOT will fund an integrated parking garage with 273 additional spaces for residents, commuters and general use.

 

                                           

         

Getting it done in Connecticut24 Colony Street in Meriden

 SOURCES OF FUNDS9% Federal LIHTC net proceeds $ 12,740,000Deferred Developer Fee $ 297,000Other (Energy Rebates) $ 158,000CHFA ITA Funds $ 3,670,000DOH Affordable Hsg Program- Flex $ 6,000,000

       TOTAL   $ 22,865,000

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Nelton Court is a new 80 unit construction in the North End of Hartford. The project will include green buffers along with a community center.

 

                                           

         

Getting it done in ConnecticutNelton Court in Hartford

 SOURCES OF FUNDSHUD Replacement Factor Funding $ 17,294,340HUD PH Capital Fund Program Grants $ 2,735,000Other (CL&P Energy Rebates) $ 250,000Economic Development Initiative Grant $ 500,000HUD Capital Funds Financing Program $ 5,900,000DECD Brownfield Grant $ 250,000

       TOTAL   $ 27,179,340

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89 Cooper Avenue is located one block from the beach and adjacent to a marsh. The property was heavily damaged during Superstorm Sandy in 2012. The entire street was under several feet of salt water and sustained approximately 60% damage.

 

                                           

         

Getting it done in Connecticut89 Cooper Avenue in Milford

 SOURCES OF FUNDSBank Escrow (Insurance Proceeds) $ 80,232FEMA Increased Cost of Compliance Funds $ 30,000DOH CDBG-DR $ 207,612

       TOTAL   $ 317,844

Before Construction Underway

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Crescent Crossings, LLC, in collaboration with The Housing Authority of the City of Bridgeport will create 93 new affordable apartments in eight buildings on the east side of the city on the former Father Panik Village site, within walking distance of bus routes, grocery stores, a proposed train station, and other retail/commercial activities and services.

This development represents the first phase of housing designed to replace the storm-damaged, uninhabitable homes at Marina Village and will serve as a catalyst for revitalizing the neighborhood.  

                                           

         

Getting it done in ConnecticutCrescent Crossing Ph. I in

Bridgeport

 SOURCES OF FUNDS4% Federal LIHTC net proceeds $ 13,416,228 DOH/HUD HOME Funds $ 5,000,000 DOH/HUD CDBG-DR Funds $ 6,975,000 Developer/Investor Cash Equity $ 500,000 Deferred Developer Fee $ 598,297 Other (CHFA FAF Funds) $ 4,100,000 Other (City of Bridgeport CDBG Funds) $ 500,000 Other (CHFA/Citybank Loan) $ 3,000,000

       TOTAL   $ 34,089,525

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The Ribicoff Cottages redevelopment includes the demolition of 100 obsolete and distressed public housing units and the new construction of 100 units of mixed-income housing, on the site of the former Ribicoff Cottages and Ribicoff Cottages Extension in the West Rock neighborhood.

The redevelopment will occur in two phases. This 9% LIHTC phase includes 55 units. 34 units will be replacement housing for existing senior/disabled residents that will include supportive services. All dwelling units shall conform to the requirements of the Energy Star Program.

 

                                           

         

Getting it done in ConnecticutRibicoff Cottages in New

Haven

 SOURCES OF FUNDS9% Federal LIHTC net proceeds $ 1,200,000HUD Moving to Work Funds $ 5,100,000Tax Credit Equity $ 12,200,000Private Bank $ 13,700,000Community Development Trust $ 1,200,000

       TOTAL   $ 33,400,000

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Victory Gardens is a 74- unit affordable rental housing development on the campus of the U.S. Dept. of Veterans Affairs (VA) campus is Newington.

The development is one of the few housing developments created under the VA`s Enhanced-Use Lease (EUL) program, under which the VA leases properties to housing developers.

The development remediated and restored a formerly blighted brownfield site.

Victory Gardens is designed to blend seamlessly with the surrounding neighborhood and all the buildings will face a common green. 

                                           

         

Getting it done in ConnecticutVictory Gardens in Newington

 SOURCES OF FUNDS9% Federal LIHTC net proceeds $ 15,473,371 DOH Affordable Hsg Program- Flex $ 5,500,000 Deferred Developer Fee $ 129,997 EUL Capital Contribution $ 2,500,000 FHLB Subsidy $ 30,157 Private Bank Loan (Webster Bank) $ 3,300,000

       TOTAL   $ 26,933,525

Before

After

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Sasco Creeks Apartments includes the removal and demolition of 33 existing trailer homes and the construction of 14 buildings containing 54 affordable apartments, a community building and site infrastructure to support the new buildings.

There are 29 two-bedroom apartments, 4 three-bedroom apartments, and six one-bedroom permanent supportive apartments.

 

                                           

         

Getting it done in ConnecticutSasco Creek Apartments in

Westport

 SOURCES OF FUNDSDOH - Second $30 million $ 8,510,000 4% Federal LIHTC net proceeds $ 5,832,637 Other (WHA Sponsor Note) $ 612,100 CHFA TEB Funds $ 6,825,601

       TOTAL   $ 21,779,737 Before

After

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Quarry Heights and Quarry Heights Extension is a 70 unit SSHP elderly development within 9 buildings. They are made up of 47 one bedroom units and 23 two bedroom units built in 1975 and 1985, respectively. 

                                           

         

Getting it done in ConnecticutQuarry Heights in Portland

 SOURCES OF FUNDSDOH Affordable Hsg Program- Flex $ 2,520,000 CHFA HASIP Funds $ 31,935 CT Energy Efficiency Funds $ 6,935

       TOTAL   $ 2,558,870

Exterior work including new asphalt parking lot and walks, siding, windows, roofing, gutters, and exterior doors.  Interior renovations to include renovation of common hallways/stairs and unit renovations such as new flooring in kitchens/baths, painting, vanities/faucets/toilets.

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HUD Recent Initiatives

DOH/CHFA Funding Opportunities The Funding Schedule

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DOH -- New Initiatives

Ending Veteran Homelessness in CT Housing Innovations -- Small Projects Rental Assistance in CHAMP 8 and 9 Homeless Shelter Capital Needs NOFA Homeless Prevention and Response Fund AIDS Program RFP Released Mobility Counseling, EFPP and Rapid

Rehousing RFP to be Released 2Q FY16

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CHFA Recent Initiatives 9% LIHTC 4% LIHTC Housing Tax Credit Contribution Program SharePoint ConApp Rate Lock Program

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State Collaborations

Competitive Housing Assistance for Multifamily Properties (CHAMP) Initiative

TOD Fund

Governor’s $300M Initiative Annual rental assistance (RAP) allocation approx. $1.5M

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Questions and Answers