Government
Affordable Housing: New Canaan Housing Authority Purchases ‘Avalon’ Complex for $75 Million
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The New Canaan Housing Authority last week closed on the approximately $75 million acquisition of a 104-unit apartment complex on Lakeview Avenue. What locals have long known as the “Avalon” property, a 9.1-acre parcel whose closest neighbors include Lakeview Cemetery, Mill Pond and Canaan Parish, will be known in the future as “Riverwood at New Canaan,” according to Housing Authority Chair Scott Hobbs. The acquisition of 106 Lakeview Ave. is expected to help the town achieve relief in the future from a widely discussed state law that allows developers to skirt local planning decisions in municipalities such as New Canaan, where less than 10% of all housing stock is deemed “affordable” under the state’s definition. According to Hobbs, the “vast majority of the units will remain market based and will be managed by Greystar who is a premier property manager.”
“As units turn over, we will be converting 21 of the units to 80% Area Median Income units which will essentially become ‘workforce housing,’ ” Hobbs told NewCanaanite.com in an email.