Properties:
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Webster Street
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Located in Hartford's Barry Square neighborhood, this project will address four blighted and abandoned properties on Webster Street. Acquired from the FDIC through its affordable housing program, Mutual Housing downsized the properties from 53 to 30 units.
Mutual Housing worked closely with the Maple Avenue Revitalization Group, the community group that represents this neighborhood, to develop a site plan that addressed neighborhood needs. Reducing the number of apartments, increasing open space and providing adequate parking were important goals for the community.
Unit Configuration:
18 Two Bedroom Flats
12 Three Bedroom Flats
Housing Charges:
$553 for Two Bedroom Apartment
$674 for Three Bedroom Apartment
Project Status: Completed April, 2001
PROJECT FINANCING
Total Development Cost $4,277,615
CHFA Permanent Mortgage $317,072
Low Income Housing Tax Credit Equity with NEF as Investor $3,550,543
Federal Home Loan Bank of Boston AHP Grant, Sponsored by Webster Bank $210,000
Neighborhood Reinvestment Corp Capital Grant $150,000
Neighborhood Reinvestment Corp Multi-Family Initiative Grant $50,000
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