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Park Terrace II
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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 overlook Pope Park and are located on a major access road to south Hartford, creating a very positive impression for Hartford.
Scope of Work:
Acquisition of 19 properties, including 14 buildings and 5 vacant lots. Substantial renovation of 12 buildings, demolition of 2 buildings and conversion of vacant lots into parking and open space.
Unit Configuration:
4 One Bedroom Flats
31 Two Bedroom Flats
24 Three Bedroom Flats
6 Four Bedroom Flats
Housing Charges:
$425 - $775
Project Status: Completed in 2004
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
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