Groundbreaking Held on New Affordable Housing Complex
State and local officials gathered in Bridgeport, CT on October 19, 2015 to break ground on Crescent Crossing, a new mixed-income housing complex being developed through a public/private partnership between the Bridgeport Housing Authority and JHM and the Richman Group. Crescent Crossing is the first phase of replacement units for Marina Village, a 400 unit public housing property heavily damaged by super storm Sandy and long targeted for redevelopment prior to the storm.
The 6-building complex will contain 93 units of one, two and three-bedroom apartments. Twenty-one of the current units are reserved for former Marina Village residents, with rents subsidized through HUD's Project Based Voucher program, administered by the Bridgeport Housing Authority. Crescent Crossing is within walking distance of a neighborhood school, grocery stores, bus routes, a proposed train station and other commercial businesses.
HUD has contributed nearly $20 million through a variety of programs, including $6.9 million in Community Development Block Grant Disaster Recovery program (CDBG-DR) funds, $2.9 million in CDBG-DR funds to the city of Bridgeport for infrastructure use, $5 million in subsidy funds over the initial 15 year term and $5 million from the Connecticut Department of Housing's HUD HOME Investment Partnership program funding.
Additional funding was provided through the federal Low-Income Housing Tax Credit (LIHTC) program, the Connecticut Housing Finance Authority (CHFA), Citibank and the state's Housing Tax Credit Contribution (HTCC) program. Construction is underway with occupancy slated for late 2016.
|Content Archived: January 25, 2017|