Greenwich Communities, formerly known as the Housing Authority of the Town of Greenwich, announced a significant financial milestone.
The Connecticut Housing Finance Authority (CHFA) plans to award Greenwich Community’s 9% Housing Tax Credits for Armstrong Court Phase 4 totaling $13,515,848.
The total gut renovation of 54, 2 and 3-bedroom units are in buildings 4 and 5. The construction cost for the project is $27,811,676 of which $17,658,630 is hard construction cost.
Nine percent Housing Tax Credits are very competitive and are awarded based on a competition held by CHFA and scored against criteria established in the state’s Qualified Application Plan (QAP).
“We wish to thank Governor, Ned Lamont, Commissioner, Mosquera-Bruno and the CHFA staff for this wonderful award. We also wish to thank First Selectman, Fred Camillo, our Chairman, Sam Romeo, and extraordinary Board of Commissioners,” Greenwich Communities said in a release.
The financing entities are Connecticut Housing Finance Authority (CHFA), the remaining debt
structure has not been arranged at this time.
“The successful award is an extraordinary accomplishment for our organization. The
accumulated investment totals $103 million investment into our local economy creating jobs
and significantly furthering our vision for affordable housing in the Town of Greenwich,” said
Anthony Johnson, CEO and Executive Director of Greenwich Communities in the press release.
The process of obtaining financing is rigorous and time-consuming.
“The last nine months have been a group effort, especially during this challenging time in the construction industry with supply-chain and increasing costs of materials,” Johnson added.
The 144-unit Armstrong Court redevelopment project consists of 4 phases.
Phase I of the project began in May 2019 and was completed in June 2020, with 18 newly constructed townhouses.
Phase II, III, IV creates two-bedroom and three-bedroom apartments. The newly created three-bedroom units will have two bathrooms. The larger units are in high demand by families and provide a higher standard of living with additional amenities in each building, including new handicap accessible units, expanded living space, cosmetic enhancements, air conditioning, electrical and insulation upgrades, improved rooflines, and the creation of newly renovated meeting and laundry facilities.
Phase III remains under construction and is to be completed this year.