From Mill to Community: 85 Tremont Brings 82 New Affordable Units to Meriden
Oct 18, 2024
CHFA Financing and Tax Credits to Support 82 New Affordable Rental Units in Meriden
To support this the development of 85 Tremont in Meriden, CT, CHFA is providing $4.75 million in financing and has allocated a combination of 9% and 4% Low Income Housing Tax Credits (LIHTCs) that will generate more than $18 million in private investment.
This unique development will repurpose a vacant mill building into 82 units of housing, including 71 units priced affordable for households earning at or below 80% of the area median income. Fourteen units will be designated as permanent supportive housing for people with disabilities. Developed by a team led by Trinity Financial, 85 Tremont will provide amenities that include a community room, kids' playroom, fitness center, and indoor bike storage, all within walking distance of local amenities and public transportation.
"We are excited to support these housing developments, which will make a meaningful impact on the lives of Connecticut residents,” said CHFA CEO Nandini Natarajan. “Through strategic financing and collaboration, CHFA is dedicated to providing safe, affordable housing for individuals and families across a range of income levels. These developments highlight the importance of public-private partnerships in fostering inclusive communities and addressing the diverse housing needs of our state."
Other sources of funding for the project include approximately $9.5 million in financing from the Connecticut Department of Housing, $4.04 million from the Connecticut Department of Economic and Community Development’s Community Investment Fund, $9.4 in Federal Historic Tax Credits, $9 million in State Historic Tax Credits, and more.
The development includes 40 one-bedroom and 42 two-bedroom. Fourteen of the units are affordable to households earning under 25% of the Area Median Income (AMI), three for households earning under 30% AMI, twenty-eight to households earning under 50% AMI, twelve at households earning under 60% AMI, fourteen to households earning under 80% AMI, and eleven units at market rate. The area median income in Meriden is $116,100.
The general contractor is Enterprise Builders, the architect The Architectural Team (TAT), the civil engineer McPhail Associates, LLC, and the management agent is Trinity Management, LLC.
****
Andrew Bolger is a Senior Research and Data Analyst in the Connecticut Housing Finance Authority’s Research, Marketing, and Outreach Department. In this role he manages CHFA’s housing database, tracks and analyzes housing market conditions, and evaluates CHFA programs. He received a BA in Economics and Political Science and an MA in Public Policy from the University of Connecticut.