Building better lives in Greenwich with $31 million in community investment

Building better lives in Greenwich with $31 million in community investment

Greenwich Communities has achieved another major financial milestone with a recent $31 million financial close for Building 2 of Armstrong Court. The total renovation of 42, 2 and 3 bedroom units is part of Greenwich Communities Phase 3.

The financing entities are the Connecticut Housing Finance Authority (CHFA), the allocator of the tax credit, and the Connecticut Department of Housing (DOH), which will provide the permanent mortgage. Bank of New York Mellon is providing the construction loan and RBC Community Investments is the tax loan syndicator.

“The successful financial close is a tremendous achievement for our organization. This is a $31 million investment in our local economy creating jobs and significantly advancing our vision for affordable housing in the Town of Greenwich,” said Anthony Johnson, CEO and Executive Director of Greenwich. Communities.

The process of obtaining funding is rigorous and takes time. “The past nine months have been a group effort, especially during this challenging time in the construction industry with supply chain issues and ever-increasing material costs,” added Johnson.

The 144-unit Armstrong Court redevelopment project consists of 4 phases. Phase I of the project began in May 2019 and was completed in June 2020, with 18 newly built townhouses completed at a cost of $15 million.

Phase II combines one- and two-bedroom units to create two- and three-bedroom apartments. The newly created three-bedroom units will have two bathrooms. Larger units are highly sought after by families and offer a higher standard of living with additional amenities in each building, including expanded living space, cosmetic upgrades, air conditioning, electrical and insulation upgrades, improved rooflines and creation of newly renovated meeting and laundry facilities.

Phase III is a single building consisting of 42 units. Construction will begin in August 2022 at an expected cost of approximately $26 million. Each construction phase will take approximately 12 months. Phase 4 is currently not funded.

In August 2020, the Housing Authority was renamed Greenwich Communities. “We have evolved and now offer housing solutions to help address Greenwich’s various housing challenges and improve the quality of life for the residents we serve,” Johnson explained. “Over the past several years, we have made significant progress in diversifying and improving our properties, making key investments and improvements for our residents,” he added.

The Housing Authority of the City of Greenwich was formed in 1946 to provide housing for returning veterans in Adams Garden and Armstrong Court. Since its inception, the organization has now owned and managed 13 residential complexes, housing senior citizens, low- and moderate-income families, and persons with disabilities with 837 apartments, including a 40-bed assisted living facility . HATG also administers 353 resident vouchers under the Federal Section 8 program.

“We provide high-quality service to our residents while managing a very robust capital program and ensuring the financial success of Greenwich Communities while providing quality, safe and affordable housing now and into the future,” Johnson said.

Photos contributed by Greenwich Communities Armstrong Court Building 2

For more information, please visit their website, https://greenwichcommunity.org/

or call Maria Morris at Greenwich Communities

(203) 869-1138, ext. 101

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