Development of the long-awaited River Breeze apartments in Shelton could be on the horizon, thanks to a needed boost from the Connecticut Housing Finance Authority.
The Shelton-based project at 223 Canal St. was one of seven housing development projects across the state to receive part of $10.3 million from the 9 percent low-income housing tax credit program on Thursday. River Breeze was approved for more than $1 million in tax credits.
The federal program is meant provide an incentive to private investment in affordable housing by awarding tax credits to developers. The developers can sell their credits to investors to obtain equity financing for their developments. This recent batch of projects is expected to generate almost $100 million in equity statewide.
Norwalk-based Washington Village was also among the list of projects to benefit from CHFA funding, receiving a $2,182,797 tax credit as part of the Norwalk Housing Authority’s Master Redevelopment Plan Project of the housing complex in south Norwalk. Phase 3 of the project includes building 108 rental units to replace 64 units in five buildings.
“We all know that more affordable housing is needed in Connecticut,” said Seila Mosquera-Brunoin ,CHFA Chairwoman and Commissioner of the Department of Housing, in a Thursday press release. “The tax credits awarded today will help to build new housing and renovate existing units to provide safe, sustainable housing for residents.”
River Breeze is expected to bring 68 units of mixed-income apartment units to the former Rolfite property fronting the Housatonic River in Shelton.
The development is part of the Shelton Riverfront Master Plan which called for construction of 650 units along Canal Street facing the river...
from Business https://www.ctpost.com/business/article/Shelton-housing-project-receives-1-1M-in-federal-13804765.php
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