Properties:
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Willow Arms
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Mutual Housing acquired this development, located in the Tariffville section of Simsbury, in July 1997. The property entails 81 apartments on 8.5 acres of rolling hills. In addition to the acquisition, Mutual Housing completed over $2 million in renovations including new roofs, kitchens, bathrooms, mechanical systems and electrical upgrades. We also constructed a separate community building to facilitate resident meetings and social activities.
The development is part of the HUD Low Income Housing and Preservation and Resident Home Ownership Act and was in danger of being converted to market-rate housing. Under the Mutual Housing agreement, we will maintain the property as affordable in perpetuity. Mutual Housing was able to assume the existing low cost debt and received over $4.4 million in grants from HUD to complete the acquisition and renovations.
Unit Configuration:
28 One Bedroom Flats
53 Two Bedroom Flats
Housing Charges:
$570 - $690 which includes heat and hot water
Project Status: Completed September, 1999
PROJECT FINANCING
Total Development Cost $5,678,925
HUD Preservation Grants $4,432,925
Assumption of HUD 236 Mortgage $1,046,000
Federal Home Loan Bank of Boston Affordable Housing Grant, Sponsored by Webster Bank $ 200,000
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