Putnam Street Revitilization Project Completes New Construction Phase
The City of New Haven's Livable City Initiative (www.cityofnewhaven.com/LCI/) kicked off the new construction phase of the Putnam Street Revitalization Project at a groundbreaking on April 30, 2014. On September 11, 2014, the City celebrated the completion of the project, a combination of historic rehabilitation and new construction on Putnam Street in the Hill neighborhood. The project includes the historical rehabilitation of three blighted structures-that had been vacant for years-and the new construction of four two-family homes, all of which will be available for sale to homeowners. Additionally, the project includes rehabilitation of eight rental units (owned by Hill Housing Partnership) also located on Putnam Street. In all, this project will create a total of 22 new and rehabilitated housing units over a two-block area.
The Putnam Street Revitalization is the culmination of a tremendous effort to bring the street back to its original housing stock for working families. The historic rehabilitation units completed in September 2013 were sold to homeowner occupants on or before March 2014. All structures-both the historic rehabs and the new constriction--are two-family and are restricted to homeowner occupancy and sold to individuals with an income of 120% area median income, which for a household of four is $99,350.
The new construction homes are all under purchase and sale contracts pending closing. The sale prices range from $205,000 to $215,000 with the ability for the end buyer to access down-payment and closing cost assistance through the RE:NEW HAVEN program. (www.cityofnewhaven.com/LCI/Homebuyers/)
The revitalization project is being funded through the Neighborhood Stabilization Program III (NSP III) provided by the United States Housing and Urban Development through the HUD Dodd-Frank Financial Reform Act (DFFRA) administered by the State of Connecticut Department of Economic and Community Development. The State of Connecticut allocated $2.5M to the City of New Haven for the purposes of acquisition, redevelopment, rehabilitation and demolition of foreclosed and/or blighted structures. The City of New Haven leveraged the $2.5M NSPIII funding and added an additional $700,000 of its own funding.
"Proud of City's investment in Neighborhoods," said Mayor Toni N. Harp. "We remain committed to creating working family homeownership opportunities."
"This is an example of how the City working with residents and other state and federal agencies can make a positive impact," said LCI Executive Director, Erik Johnson.
"The Putnam Street Revitalization Project is a great example of the collaborative work being done by local, state, and federal agencies to bring new life to neighborhoods most in need," said Suzanne Piacentini, HUD Connecticut Field Office Director. "HUD is proud to be a partner in this project; we congratulate everyone for their efforts to improve the lives of New Haven residents."
|Content Archived: January 7, 2016|