Related Affordable, a division of Related Companies, today announced the renovation and preservation of 141 units of affordable housing in New Haven, Connecticut. Related will undertake nearly $3.7 million in renovations and upgrades to the units and property and preserve affordability for 40 years. The Connecticut Housing Finance Authority (CHFA) provided $9,100,000 in tax exempt bond financing to facilitate the preservation of the units. RBC Capital served as the tax credit investor for River Run Apartments, providing $4 million in Low-Income Housing Tax Credit Equity.
All of the apartments are set aside for tenants whose incomes are at or below 60% of the Area Median Income (AMI) and benefit from project based Section 8.
“Affordable housing is a critical component in creating thriving communities where people can flourish, yet this resource has become increasingly scarce throughout the country,” said Mark E. Carbone, President of Related Affordable. “With this in mind, Related has been committed to preserving affordable housing for 40 years, and we are proud to forge a partnership with the CHFA which will ensure that 141 units in New Haven, Connecticut will remain affordable for decades to come.”
River Run Apartments was built in 1984 and is located at 50 Grand Avenue in New Haven. The 5 story development also contains retail and commercial space on the ground floor. The renovations, which cost approximately $26,000 per unit, include the installation of new bathroom cabinets and fixtures, new kitchen cabinets, counters and fixtures as well as Energy –Star lighting and appliances. Capital renovations include all new windows, façade improvements and community room updates. Improvements are expected to be complete in 2012.
“River Run Apartments fulfills a critical need for elderly housing in New Haven. It is rewarding to work with Related Companies to ensure that these units will be modernized and remain affordable for another 40 years,” said Dara Kovel, CHFA’s Chief Housing Officer.
Related Affordable develops, acquires and preserves affordable housing throughout the nation. Earlier this year, Related announced the renovation and long-term preservation of 96 units in Woodbury, New Jersey and in 2011 committed to the long-term preservation of 412 units of affordable housing at Westminster Village Arms in Lowell, Massachusetts, the acquisition and preservation of Parkway Gardens, a 694-unit affordable housing apartment property in the Southside of Chicago, the acquisition, renovation and 30-year preservation of 258 affordable apartments at three Manhattan sites as well as the acquisition, renovation and 30-year preservation of 298 affordable apartments at three upstate New York sites. ###
