Connecticut Housing Partners’ current portfolio of 15 properties represents nearly $100 million in affordable housing assets. Each of our communities creates homes for individuals and families. And homes matter a lot. To ensure our housing maintains its quality and livability now and into the future, we remain ever mindful of the bigger picture. To that end, we prioritize formal asset management and capital needs assessment protocols — in other words, we’re taking a long and hard look at all of our properties to see what each of them needs, and then putting detailed plans in place to meet those needs, including financing, which is often a challenge that requires strategy and creativity. Most redevelopment projects need many layers of funding and multiple agencies to accomplish the task. Currently we’re in the planning stage to refinance and redevelop four of our properties, equating to 164 preserved and improved units of affordable housing.
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Connecticut Housing Partners is in the planning stage to refinance and redevelop four of our properties, equating to 164 preserved and improved units of affordable housing. But such significant improvements don’t come without cost and effort. Redevelopment work is usually extensive and obtaining financing is a challenge that requires strategy and creativity. Many layers of funding and multiple agencies are often needed to accomplish the task. Typically, 50% of the redevelopment financing comes from investors buying tax credits, either Federal, State or Historic, with the balance obtained through loans and grants, such as a deferred HUD grant or a loan from the Connecticut Housing Finance Authority. Adding to the complexity, many funding sources have pre-established guidelines on how the funds will be used, such as allocating 70% of the capital for construction and the remaining 30% to cover soft costs like developer fees, architectural, engineering, etc.