Sen. Guglielmo applauds the Governor’s Initiative to Bolster Affordable Housing Projects

State Senator Tony Guglielmo (R-Stafford) applauds Governor Dannel Malloy‘s initiative to invest in nine housing developments around the state including two developments in Vernon. The funding, through the Competitive Housing Assistance for Multifamily Properties (CHAMP) initiative at the Department of Economic and Community Development (DECD), is a part of the administration’s commitment to strengthening Connecticut’s economy by expanding housing opportunities that will attract and retain a talented workforce. “Providing new housing options for young families and those who need affordable housing will have the opportunity to have a place to call home. Everyone deserves a safe place to live, work and grow,” said Sen. Guglielmo. Through CHAMP, owners and developers of affordable single and multifamily rental developments can apply for loans and grants to expand or rehabilitate housing. Funds awarded under this program may be combined with financial assistance from the Connecticut Housing Finance Authority (CHFA). This financing will help build or renovate approximately 476 residential units around the state. At least 319 will be affordable to income-qualifying households. The project development costs would come from the state and other sources, including developer equity, private financing and federal funding. The CHAMP investments in Vernon would include: • The Old Talcott Brothers’ Mill, Vernon — DECD’s assistance will help convert the Old Talcott Brothers’ Mill into a mixed-use building with residential apartments and commercial space. The residential space will have 83 units — nine studios, 56 one-bedroom units and 18 two-bedroom units. Additional funding for the project will include a private bank loan, State Historic Tax Credit proceeds, and a private Talcott Family investment. The project is transit oriented and located near Interstate 84 and within ¼ mile of bus transportation. This renovation will preserve and repurpose a historically important mill for 21st century housing while maintaining the historic character of the 19th Century Talcott Mill Village. DECD funding: Up to $4.4 million • Loom City Lofts, Vernon — Loom City Lofts is a sustainable rehabilitation and conversion of the former 5-story Roosevelt Mill in the Rockville section of Vernon. The residential units will include 9 studios, 51 one-bedrooms and 8 two-bedrooms as well as 7,000 square feet of first floor commercial space. The development will preserve this historically important mill while creating a vibrant mixed-income development that is walkable to Rockville center. About 60 of the 68 units will be available to households at or below 60% of area median income. DECD funding: Up to $5 million The CHFA/DECD application and CHAMP initiative outline are available on DECD’s website at www.decd.org and CHFA’s website at www.chfa.org. CHAMP funding requires State Bond Commission approval. The Vernon projects will be considered at the March 13th Bond Commission meeting in Hartford at the Legislative Office Building.