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Housing Authority: CHFA ‘Very Interested’ in Loan for Affordable Housing at Riverwood

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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.

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.

Amy Murphy Carroll

Affordable Housing: Town Approves Loan of Up to $4 Million for NCHA’s ‘Avalon’ Acquisition

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Though the funds likely won’t be needed, officials say, the town is prepared to offer a $4 million loan to the New Canaan Housing Authority or ‘NCHA’ as that entity works to acquire a 9.1-acre apartment development located opposite Lakeview Cemetery. Following recent votes by municipal funding bodies, the town is ready to offer the loan so that the Housing Authority can cover expenses related to its hopeful purchase of 106 Lakeview Ave. The property includes 10 residential buildings with dozens of units of various sizes, 11 garages and one large pool, tax records show. 

The acquisition is expected to help New Canaan remain exempt from a widely discussed state affordable housing law. The town faces the challenge of creating new affordable units in order to continue doing so. “Right now, it still remains that it’s likely that we will not need any funds from the town,” NCHA Chair Scott Hobbs told members of the Board of Finance during a special meeting held Sept. 16 at Town Hall and via videoconference. 

Referring to the company that created the abutting Canaan Parish affordable housing development (and redeveloped it in partnership with the Housing Authority and town), Hobbs continued: “We’re still working a little bit with New Canaan [Neighborhoods] in order to try to boost our equity.

Affordable Housing Committee

Affordable Housing Committee Elects Officers, Hears from Town Officials at First Meeting

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A newly appointed committee charged with identifying properties in New Canaan where affordable housing units could be built, among other responsibilities, on Monday voted to elect a seasoned and widely respected municipal volunteer as its chair. At its first meeting, members of the Affordable Housing Committee voted 9-0 to elect former Planning & Zoning Commission chair John Goodwin to lead the group. 

In nominating him, Committee member Krista Neilson said that Goodwin’s time on P&Z “gives him a lot of insight into the work that we’re going to be doing here.”

“He sat in on approving Canaan Parish and Millport, I’m sure he probably dodged some 8-30g applications that didn’t come to us,” Neilson said during the meeting, held at Town Hall and via videoconference. She continued: “So he’s seen the whole gamut, at least, of how it comes to the town. And also, I think he has great experience being the chair of the Planning & Zoning Commission, which—those of you who haven’t had the pleasure of attending our meetings, can be quite long, quite contentious. I feel if you can chair that, you can chair most anything.

Canaan Parish

Officials Cut Ribbon on New Building at Canaan Parish

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The NewCanaanite.com Summer Internship Program is sponsored by Carriage Barn Arts Center. Town and state officials on Tuesday cut the ribbon on a newly constructed affordable housing building at Route 123 and Lakeview Avenue. The 40-unit Canaan Parish apartment complex—a joint effort of the town (which owns the land), New Canaan Neighborhoods, Inc. (which owns the building) and developer Heritage Housing, Inc.—represents “phase 2” of a lengthy $46 million remodeling at the town-owned property, the first half of which was completed in 2021. 

New Canaan Housing Authority Chair Scott Hobbs told the 50-plus attendees at the ribbon-cutting ceremony that he’d hoped in the past the new building would help address some of the affordable housing issues the town has faced in recent years. However, during his address, Hobbs said that was no longer the case. “I do feel compelled to discuss what I consider to be an injustice,” he said.