New Haven Housing Authority Receives $987,037 Allocation from Connecticut Housing Finance Authority for Phase One Revitalization of Eastview Terrace
(7/2/2007) New Haven- The Housing Authority of the City of New Haven (HANH) has been awarded an allocation of Low-Income Housing Tax Credits in the amount of $987,037 by the State of Connecticut Housing Finance Authority (CHFA) for Phase One of the Eastview Terrace Mixed Finance Revitalization Project. The allocation from CHFA will enable HANH to raise nearly $10,000,000 in private equity for the project.
In addition to the allocation from CHFA, HANH has been successful in securing a $375,000 grant from the Federal Home Loan Bank that is being sponsored by the Bank of America and a $723,000 grant for the State Department of Economic and Community Development (DECD).
The total development cost for the revitalization of Eastview Terrace is projected at approximately $38,000,000.
“The CHFA award is a major boost to the Housing Authority’s efforts to redevelop the Eastview Terrace site; it is a vote of confidence in the revitalization of this development and of the revitalization of the Authority, as well,” said Jimmy L. Miller, Executive Director of the Housing Authority.
During the past two years the Authority has dramatically improved its scores on every indicator of management and operating efficacy that is used by the U.S Department and Housing and Urban Development uses to rate public housing agencies. “The awarding of this allocation to the Authority by CFHA for HANH to serve as it own developer for the project is another validation of the efforts of Mayor DeStefano, our Board of Commissioners, and our of staff to improve the quality of lives of our residents,” Mr. Miller said.
The Housing Authority, through its non-profit affiliate, The Glendower Group, Inc., will be the developer for this project. This will be the first time that HANH serves in the capacity of developer for a Mixed Finance Project, a move that is expected to reduce overall costs. HANH’s role as developer is made possible by its Moving to Work (MTW) status, awarded by the US Department of Housing and Urban Development in 2001, which provides the agency with greater budget and regulatory flexibility. Congress established the MTW program in 1996 to design and test innovative ways to determine the most effective use of funds to meet housing needs at the local level. Two of the primary goals of the MTW Program are to promote the self-sufficiency of the Authority and of its residents. “By serving as a developer for the first time and by providing a myriad of resident-centered economic development programs, the revitalization of this development represents a tremendous step toward achieving both of these goals,” Mr. Miller said.
The architect for Eastview Terrace is New Haven-based firm Boroson Falconer, whose past Housing Authority projects include Quinnipiac Terrace, Monterey Place and McConaughy Terrace. The construction management firm is R2D, a Woman Business Enterprise, based in Cromwell, Connecticut. R2D has a long and successful track record of modernization and new construction of residential units.
Property management will be provided by WINN Management, which has received high marks for its management of HANH’s Quinnipiac Terrace.
Phase One of the Eastview Terrace project will consist of the rehabilitation of 90 units and the construction of 12 new units. Twelve of the rehabbed units and one of the newly constructed ones will be handicapped accessible. All units will feature natural gas heat, new appliances and washer/dryer hookups. Eastview’s units will range from one to five bedrooms.
Construction on Phase One is scheduled to begin in mid-October and is expected to be completed over the course of 18 months. Phase 2 will begin in Summer 2008. Twenty five new units will be built at a cost of $8 million.
Eastview’s new 6,066 square foot multiple purpose community center will feature a basketball court. The Housing Authority’s Resident Services Program will provide resources, activities and programs to support the self-sufficiency of Eastview residents.
“This is a great accomplishment for HANH and the City,” said Mayor John DeStefano, Jr. “We are moving in the right direction as we continue to develop high quality housing for our residents and job creation opportunities for our community.”
The Housing Authority will partner with the City’s Commission on Equal Opportunities to hire qualified public housing residents to work on the project. HANH has done this very successfully in the past—most recently at Quinnipiac Terrace and Farnam Courts resulting in significant job creation.
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