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Plaza Terrace
This 14 unit development located at 17-19 Martin Street in Hartford's Northeast neighborhood was purchased under the Low Income Housing Preservation and Resident Home Ownership Act (LIHPRHA).
The financing included a capital grant as well as Section 8 operating subsidies to acquire the property and complete $500,000 in renovations. Improvements included electrical and mechanical upgrades, new windows, kitchens, bathrooms and front entrances. Renovations were completed in 1997. The apartments are spacious town houses which feature hardwood floors and full basements.
Unit Configuration:
4 Two Bedroom Townhouses
10 Three Bedroom Townhouses
Housing Charges:
Section 8 project based subsidies;
includes heat & hot water
Project Status: Completed September, 1996
The Plaza Terrace property adds a great deal of stability to a very depressed neighborhood.
PROJECT FINANCING
Total Development Cost $1,100,000
HUD Preservation Grants $985,000
Assumption of HUD 221(d)(3) Mortgage $115,000
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