Park Terrace II is located on Park Terrace between Summit Street and Hillside Avenue, just south of Mutual Housing's original Park Terrace development. The buildings overlooking Pope Park consist of 4 one bedroom, 31 two bedroom, 24 three bedroom and 3 four bedroom flats. Completed in 2004, these properties are located on a major access road to south Hartford, creating a very positive impression for Hartford.
Apartment Types:
Flats may include laundry hook-up, dining room, family room, 2 full baths, eat-in or galley kitchen.
Housing Charges:
$465-500 (1BR)
$615-705 (2BR)
$700-790 (3BR)
$840 (4BR)
PROJECT FINANCING
Total Development Cost $11,510,229
Permanent Financing
Low Income Housing Tax Credit Equity $6,597,402
Historic Tax Credits $1,505,977
HOME Funding from State of Connecticut $1,396,125
HOME Funding from City of Hartford $1,149,728
Neighborhood Reinvestment Corp Capital Grant $165,000
State Tax Credit Program $358,115
Federal Home Loan Bank of Boston Direct Subsidy $250,000
FannieMae Pre-Development Grant $15,000
Deferred Developer's Fee $72,882
ADDITIONAL CONSTRUCTION FINANCING
Neighborhood Reinvestment Corp Multi-Family Initiative Grant $105,000
Webster Bank Loan $4,185,696
Local Initiative Support Corporation $749,000
