The Greenwich Affordable Housing Trust Fund Board (AHTF) announced they recently closed their first loan transaction.
The closing marks a significant milestone in the Town of Greenwich’s ongoing efforts to expand affordable housing opportunities for residents by working with developers to create projects that complement the architectural scale and character of surrounding neighborhoods, increase the percentage of affordable units within a development, or both.
On May 15, 2026, the AHTF provided a $100,000, 20-year loan to Benedict Place Owner, LLC, the developer of an approved 120-unit apartment development on Benedict Place.
Through its negotiations with the developer AHTF was successful in increasing the percentage of affordable units in the development from 30% to 40%, resulting in 48 affordable units.
The affordable apartments will remain deed restricted for 40 years and will be available only to households meeting income eligibility requirements established under state law. Consistent with Town policy, eligible residents will have the opportunity to apply for these apartment units through Greenwich’s affordable housing lottery process, ensuring a fair and transparent allocation system.
“This first loan closing demonstrates how AHTF can serve as an effective tool for advancing the Town’s housing and planning goals by creating additional affordable housing opportunities while encouraging development that is compatible with Greenwich’s established neighborhoods and community character,” said Bill Finger, AHTF Co-Chair.
In addition to Benedict Place, AHTF currently has five outstanding conditional loan commitments, one of which is scheduled to close before the end of this month. In all instances, through negotiations with the developers, AHTF has been able to negotiate either an increase in the percentage of affordable units and/or a reduction in the size of the originally planned development.
Another two proposed 8-30g developments are in the early stages of discussions with AHTF.
All AHTF loans bear interest and are secured by mortgages and liens subordinate to primary financing. Property owners receiving AHTF financing must comply with affordability plans approved by the Town and recorded in the Town’s land records to ensure long-term compliance with affordability requirements.
AHTF was established by Town ordinance in 2021 with the purpose of preserving and creating affordable rental and home ownership opportunities in Greenwich, to help satisfy the Town’s obligations under state law, and the Town’s Plan of Conservation and Development and Affordable Housing Plan. Through the offer of strategic financial assistance, the AHTF seeks to negotiate with developers either a modification of the proposed building’s size and/or an increase in units designated as affordable.
Additional information about the Greenwich Affordable Housing Trust and Connecticut’s 8-30g affordable housing statute is available on the Town Affordable Housing Trust Fund Board website.
See also:
Hardhat Tour of Benedict Court, Six-Story Building to Rise with 40% Affordable Rentals
June 16, 2026