Shelton, Westport housing developments among 12 that ink state financing agreements

HARTFORD – Two state housing agencies have signed financing agreements for 12 housing developments, including two in Shelton and Westport.

The Connecticut Department of Housing (DOH) and the Connecticut Housing Finance Authority (CHFA) announced Wednesday, May 7 that they have signed the agreements for 12 developments that will contribute to the construction or preservation of 1,279 housing units.

These developments will include 550 affordable units for low- and moderate-income renters, of which 71 will be designated as permanent supportive housing. Developments include the Village at Saugatuck in Westport and the Clock Tower Apartments in Shelton.

Others are Northeast Hartford Affordable Housing and Trinity Street Apartments in Hartford; Ella Blake Commons and West Ridge in New Haven, Haystack Woods in Norfolk, Castle Heights in Seymour, Luminary at Simsbury Center Apartments in Simsbury, Stonington Village in  Stonington, Laurel Estates Apartments in Waterbury, and Terry Court in Willimantic.

DOH is providing over $34.3 million in loans and grants, and CHFA is providing low-income housing tax credits that will generate more than $56 million in private investment along with $15 million in first mortgage financing. The affordable units will be earmarked for residents making up to 80% of the area median income (AMI).

In addition, CHFA signed financing agreements totaling $18.75 million for 592 units to be funded by the Build For CT program, a fairly recent collaboration between DOH and CHFA to support the construction of apartments that are affordable for middle-income renters.

“Every investment in affordable housing is an investment in stronger, more resilient communities,” said Seila Mosquera-Bruno, Connecticut Housing commissioner.  “These developments reflect our commitment to preserve and expand housing options — whether it’s building new homes or adding quality affordable rentals.”

A study undertaken by ECOnorthwest earlier this year found that the state needs at least 110,000 units of affordably priced housing and ranks as the most housing-constrained state in the nation. Open Communities Alliance (OCA), a Connecticut-based nonprofit with a goal of reversing decades of discriminatory housing policy, joined members of the state Legislature’s Housing and Planning & Development committees in February to hear the results of the Fair Share Housing Study.

As for the recent finance agreements, CHFA’s CEO is hopeful to change that trend with these financing agreements.

“Housing is at the heart of opportunity,” said Nandini Natarajan, CHFA’s CEO and executive director. “We’re proud to partner with DOH to advance these developments, which bring together public and private investment to create lasting affordability. Whether serving families, seniors, or residents with supportive needs, these homes will have a meaningful impact across urban, suburban, and rural communities alike.”

These financing agreements mean those developments are now ready to begin construction. The local developments include:

Clock Tower Apartments – Shelton

Clock Tower Apartments will bring 100 new rental units to Shelton, with 20 units designated as affordable to households earning between 80% and 100% of AMI through the Build For CT program. Located near the Housatonic River and just three miles from downtown Shelton, the four-story development features a mix of covered and surface parking, along with shared resident amenities. CHFA is providing a $2.5 million loan through Build For CT, leveraging private financing to support the development’s completion in early 2025.

Village at Saugatuck – Westport

The Village at Saugatuck will be enhanced by the addition of three newly constructed, four-story multifamily buildings, offering a total of 157 residential units, of which 78 will be affordable to households earning between 60-100% AMI via the Build For CT program. Each apartment will be equipped with a complete set of modern appliances, including a gas range/oven, refrigerator, dishwasher, and built-in microwave. CHFA is providing a $6.75 million loan through Build For CT to support the construction.