Community Corner

Park West Complex to Get Millions from State for Renovation Help

It is part of an "investment" in five housing developments.

Governor Dannel P. Malloy on Thursday announced a state "investment" of more than $16.5 million in five housing developments, including the Park West complex in Vernon.  

The other developments are in Hartford, Waterbury, Stonington and Middletown, the governor said.  

The money is for projects that will help build or renovate approximately 465 residential units, of which at least 390 will be affordable to income-qualifying households, Malloy said. The funding, through the Competitive Housing Assistance for Multifamily Properties - or CHAMP - initiative administered by the Connecticut Department of Housing DOH, is a part of the Governor’s commitment to bolstering Connecticut’s economy and building stronger communities by expanding affordable housing opportunities, according to a news release. 

“Affordable housing is a key ingredient to turning the Connecticut economy around and making sure it continues to grow in the future,” Malloy said.  “With more affordable housing options, we can attract talent, grow our economy, strengthen commerce, and create the communities that will be more competitive in today’s business climate.  When we invest in housing, we invest in people, communities, and our economic future.” 

Through CHAMP, owners and developers of affordable 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, including taxable bond financing or tax exempt bond financing with four percent Low-Income Housing Tax Credits LIHTC. LIHTCs provide the additional equity developers can leverage to make affordable housing projects possible.  

CHAMP funding is intended to be gap financing and may not exceed $5 million per development. The total project development costs are more than $75 million, with $16.5 million coming from the state and $59 million coming from other sources, including developer equity, private financing, and federal funding. 

“Over the last two years, Governor Malloy has brought a renewed vigor to the state’s affordable housing policies and backed it up with financial commitments,” Housing Commissioner Evonne Klein said.  “The CHAMP initiative is just one of the ways we promote workforce, affordable, supportive, and congregate housing for the state’s young professionals, working families, elderly, and other individuals most in need of support.”

DOH funding of about approximately $5 million is earmarked for Park West, Malloy said. The funding will assist in the rehabilitation of the complex, an affordable mixed-income family rental development that has 189 rental units in 13 buildings originally constructed in 1968, and guarantee "continued affordability" for 40 years, Malloy said.
 
The apartments include 30 market and 159 affordable units for individuals and families with incomes below 60 percent of the area's median income, Malloy said.  Twenty of the affordable units will have supportive services provided, he said.
 
Renovations will include drainage improvements and erosion control on the site, accessibility improvements to the apartments and construction of a new community building, Malloy said. New boilers, additional insulation and other energy-efficiency measures are estimated to reduce energy use by 50 percent. State funding will leverage more than $22 million in other funding, Malloy said.


Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.

We’ve removed the ability to reply as we work to make improvements. Learn more here