Millport project pushes forward to secure funding
Published 2:08 pm, Friday, February 3, 2017
NEW CANAAN — The New Canaan Housing Authority continues to make progress toward an affordable housing moratorium that would protect the town from hawkish developers.
“We’re getting into the final stages of being able to finance the next phase of the project. Everything looks good. We have commitments from the state, we’re signing term sheets, we have commitments from the bank,” said Scott Hobbs, Housing Authority chairman.
The money from the town, Hobbs said, is necessary to secure larger funding from other parties — including the state Housing Authority, U.S. Bank and Bankwell — that make the project possible.
The completion of the project — which included 33 affordable units in phase one and an additional 40 for phase two — would make New Canaan eligible for a temporary break from state 8-30g regulations that require each municipality to work toward a 10 percent rate of affordable housing stock.
“One of the things I’m most proud of that has been accomplished under our watch is a really huge improvement in the quality and the quantity of the housing,” Selectman Nick Williams said. “Because of what you guys have done, we’re on the precipice, I think, of being kind of outside the loaded gun of 8-30g.”
The apartments at the top of the hill will be torn down in order to make way for the 40 new units. The tenants living there will be temporarily moved down the hill to the new Millport Apartments constructed during phase one as phase two construction is ongoing.
Hobbs said he hopes to begin the construction in March.