CHFA AWARDS FEDERAL TAX CREDITS FOR AFFORDABLE HOUSING
Rocky Hill, Conn., March 31, 2016 -- Connecticut Housing Finance Authority (CHFA) Executive Director Karl Kilduff and CHFA Board Chairwoman and Department of Housing (DOH) Commissioner Evonne M. Klein, announced that CHFA’s Board of Directors has approved $7.1 million in Federal 9% Low Income Housing Tax Credits (LIHTCs) to six proposed affordable multifamily housing developments.
Under this approval, Meriden will receive funds for the 161-177 State Street mixed use development project, which is phase one of a multi-phase project that includes demolition of the Mills public housing project and implementation of the Harbor Brook Flood Control project north of the Hub site. The proposed project will have 75-units of mixed-income family housing, with ground level retail space and a preschool. The property will include 8 supportive units and 60 units targeted for households with incomes of 60% or less of Area Median Income (AMI). In addition, 26 of the 60 units will be supported by project based Section 8. The new building will be within walking distance of Meriden`s new Transit center. Project partners include Pennrose Properties, the Meriden Housing Authority and the City of Meriden.