A quasi-public affordable housing lender appears to be “very interested” in loaning the New Canaan Housing Authority money as the local agency moves toward converting some units at a newly acquired Lakeview Avenue apartment complex into “affordable,” as per the state’s definition, officials say. The Housing Authority last month closed on the former ‘Avalon’ complex—renamed Riverwood at New Canaan—for about $75 million. According to Housing Authority Chair Scott Hobbs, the head of the Connecticut Housing Finance Authority or ‘CHFA’ is said to be “very interested in loaning us money at very favorable rates to convert some units.”
“We’ll see what they’re offering because it’s possible we could cut some of our debt service,” Hobbs said during the Housing Authority’s Dec. 4 meeting, held via videoconference. “It’s possible also if they’re doing this 1% type money or something, it may make sense to make some 8-30g qualified units now.