New Affordable Housing Complex Dedicated
Liberty Commons, a newly developed affordable housing complex in Waterbury, was dedicated on May 1, 2015. Loyola Development Corporation, a nonprofit organization, acquired tax liens on four nearly contiguous blighted parcels of land on South Main and East Liberty Streets from the city of Waterbury for $1 each and developed the property.
The property is an anchor for the revitalization of Waterbury's South End neighborhood. The new complex consists of two buildings with a total of 33 apartments consisting of 15 two-bedroom and 18 three-bedroom rental units. The complex includes kitchens with energy efficient appliances, security system access and foot patrol, round-the-clock maintenance service, off-street parking, community space, playground onsite, management offices and ground floor commercial space.
The units will be marketed to those earning at or below 50% of HUD's adjusted median income limits. Liberty Commons secured twenty-two Section 8 Project Based Vouchers from the Housing Authority of the City of Waterbury to insure affordability for the lowest income residents.
The total construction cost of $10 million included a HUD HOME Investment Partnership program grant of $862,500, a HUD Economic Development program grant of $349,957 and State of Connecticut Low Income Housing Tax Credits of $8,847,783.
|Content Archived: January 25, 2017|