A church-affiliated, mixed-use housing development in New Haven, Connecticut, is finally closing on financing after more than a decade in the making. The St. Luke’s Whalley Avenue Development will include 49 new apartments with ground-floor commercial space.
Project Details
The development, a collaboration between the St. Luke’s Development Corporation and the Glendower Group, will offer 44 units as Housing Choice Voucher or project-based rental assistance units under the federal Department of Housing and Urban Development’s Rental Assistance Demonstration program. This means rent will be capped at 30 percent of a tenant’s income.
The project includes the demolition of existing buildings, including a Papa John’s pizza restaurant, and will feature commercial space, resident amenities, parking, landscaping, and utility improvements.
Financing and Timeline
Financing for the $19.9 million construction project includes a $13.6 million construction loan from Citizens Bank, $16.5 million in Multifamily Housing Revenue Bonds from the Housing Authority of New Haven, and other funding sources. Construction is expected to begin in the fall and take approximately 24 months to complete.
Original reporting: New Haven Independent — read the source article.
