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Ross Burkhardt, executive director of New Neighborhoods, Inc. (NNI) recalls this as one of the first sites he considered for affordable housing, but it required years of complex real estate negotiations. The property owner was not maintaining his buildings and finally agreed to a land swap. There was an unused road the city needed to officially abandon in order to join parcels together. By the time the deal was finally achieved, the subprime mortgage market had collapsed.
“Bank financing was unavailable for the condominiums we had planned and neighborhood residents were upset that the complex would be rental instead. There was a lot of market rate housing being built, and we made a point of ensuring ours was equal in quality. Now everyone benefi ts from our programs like a satellite food bank and street fairs.” Ross Burkhardt
When planning started, the South End of Stamford was a distressed neighborhood targeted for revitalization. Then land purchases for luxury development and corporate expansion began the gentrification process. Many residents had trouble finding aff ordable housing and were struggling to stay near their jobs.
View this success story in a printable PDF format.
When and where: Marshall Commons is located at 178-220 Ludlow Street in Stamford. It was developed and built by New Neighborhoods, Inc., in 2011, and NNI continues to manage the property.
What: The 50 apartments include one, two and three bedroom options. They are rented to families at or below 60% of the area median income, with some apartments set aside for people with lower household incomes. The complex off ers secure parking, a playground, a lounge/event room, children’s activities and a free trolley service to downtown locations.
How: LISC investments enabled NNI to assemble and hold the multiple properties required during a long negotiation and predevelopment process. LISC also provided a loan guarantee to help secure the construction loan and LISC’s affi liate, the National Equity Fund, syndicated the tax credits. Throughout the process, LISC supported nearly $3 million of investment with technical assistance.
Who: Funding was provided by CHFA, LISC, the National Equity Fund, Citi Community Capital, the Connecticut Department of Economic and Community Development, the City of Stamford and First County Bank.
Thanks to the funders who support LISC’s work in Connecticut
Bank of America
Bluenose Fund at FCCF
Connecticut Department of Economic and Community Development
Connecticut Housing Finance Authority (CHFA)
Fairfield County’s Community Foundation
First Niagara Bank
The Goodnow Fund
Near & Far Aid Association
Ostuw/Leather Family Fund at FCCF
People’s United Community Foundation
Suhler Family Fund at FCCF
TD Charitable Foundation
The United Illuminating Company
United Way of Western Connecticut
U.S. Department of Housing & Urban Development (HUD)
Weisman Fund at FCCF