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.