Housing Developed Through Public-Private Partnership

August 3, 2007; As originally appeared in the Norwalk Citizen~News

Representatives of Housing Development Fund, a nonprofit bank providing funding for affordable housing and an array of homebuyer assistance programs, recently joined U.S. Department of Housing and Urban Development Secretary Alphonso Jackson, U.S. Rep. Christopher Shays, Mayor Richard Moccia, representatives of the Norwalk Redevelopment Agency and other officials to tour the development of 19 new and historic market-rate and affordable units at 130 Main St.

Developers Simona Tudor, Ron Gugliotta and Mark Rosetti led the tour through the properties, which will sell for between $130,000 and $500.000.

The development was financed by a pub1ic-prive partnership that included a $250,000 HUD loan, $150,000 in grants front the NRA and other government sources, $175,000 in Connecticut Historical Commission tax credits and $5.2 million in construction financing from HDF as part of its Multi-Family Lending Program. The development is particularly special in that it preserves some of the city’s most historic homes, including one that survived the burning of Norwalk by the British while creating 19 units of housing, five of them affordable units.

“The success of developments like 130 Main St. often hinge on the ability to ‘stack up’ funding from a variety of sources, public and private, and make them all work together,” said HDF President aid Chief’ Executive Officer Joan Carty, who was on hand to explain her organization’s role in the financing process. “We are proud to have contributed our expertise in this area to put together an extremely effective public- private partnership for affordable housing and preservation.”

The tour was in conjunction with the HUD secretary’s “National Call to Action for Affordable Housing through Regulatory Reform,” This initiative is designed to encourage communities to join more than 150 other communities and organizations that have agreed to re-examine their regulations and, where necessary, reduce or eliminate barriers that effectively put homeownership beyond the reach of millions of Americans.

Norwalk is one of five communities in the state that have adopted regulations requiring developments of a particular density to include affordable units. HDF served as a resource to Norwalk as it put together its ordinance. The HDF Multi-Family Lending Program encourages the development of for-sale and rental units by providing multi-family homebuyers and nonprofit and private developers of affordable, senior and special needs units with a variety of finance options. HDF provides acquisition, construction, predevelopment, bridge and permanent first-mortgage financing. It is one of the few local sources for 30-year fixed-rate mortgages for multi-family housing. HDF’s Multi-Family Loan pool is supported through its partnership with 17 banks and corporations and now totals $28 million.

For more information, call Tami Strauss at 1-203-969-1830.