$1.061 Million State Grant to Rehab Ivy St. Affordable Housing
HARTFORD, CT – December 10, 2014 – (RealEstateRama) — Governor Dannel P. Malloy today announced the state has awarded $19.2 million in grants to help fund 12 affordable housing developments in the State Sponsored Housing Portfolio. Branford affordable house complex Ivy Street Apartments will have its 29 units rehabilitated with $1,061,0000 in grant money provided through the Department of Housing (DOH).
“My administration has made increasing the availability of affordable housing a key component of our strategy to jumpstart Connecticut’s economy, because more housing means more jobs, revenue, and business activity,” Governor Malloy said. “We have started implementing a detailed plan for the next ten years that recommends priorities and plots out capital investments to revitalize some of the state’s existing affordable housing and make the properties sustainable for the long term.”
The state Department of Housing (DOH) is awarding the funding as part of the ten-year $300 million State-Sponsored Housing Portfolio Revitalization Initiative. This initiative is jointly administered by DOH and the Connecticut Housing Financing Authority (CHFA) to fund the rehabilitation of a portfolio of over 340 properties at which approximately 14,000 people reside. In many cases, this housing offers the only affordable option for some of the state’s lowest income residents.
“These improvement projects announced today represent just a portion of what we’ll be doing over the next several years,” Housing Commissioner Evonne Klein said. “With Governor Malloy’s ambitious vision and the strong financial commitment, in the next ten years we will transform the state’s existing housing portfolio in a way that hasn’t been seen since these developments were built.”
Neighborworks New Horizons will rehabilitate the 29 family units of the Ivy Street Apartments at 146 North Ivy Street. The moderate rehabilitation will include exterior and interior improvements such as heating mechanical systems. DOH will provide approximately $1,061,000 and Neighborworks New Horizons will fund reserves to address future capital needs of the project.