Building a better life in Greenwich with a $31 million investment in the community
Greenwich Communities reached another major financial milestone with the recent $31 million financial close for Building 2 at Armstrong Court. The complete renovation of 42, 2 and 3 bedroom units is part of Phase 3 of Greenwich Communities.
The financing entities are the Connecticut Housing Finance Authority (CHFA), the tax credit allocator, and the Connecticut Department of Housing (DOH), which will provide the permanent mortgage. Bank of New York Mellon is providing the construction loan and RBC Community Investments is the tax credit syndicator.
“The successful financial close is an outstanding achievement for our organization. This is a $31 million investment in our local economy that creates jobs and significantly expands our vision for affordable housing in the City of Greenwich,” said Anthony Johnson, CEO and Executive Director of Greenwich Communities.
The process of obtaining funding is rigorous and time-consuming. “The past nine months have been a group effort, especially during this challenging time in the construction industry with supply chain issues and ever-increasing material costs,” Johnson added.
The 144-unit Armstrong Court redevelopment project consists of 4 phases. Phase I of the project began in May 2019 and was completed in June 2020, finalizing 18 new-build townhouses valued at $15 million.
Phase II combines one- and two-bedroom apartments to create two- and three-bedroom apartments. The newly created three-room apartments will have two bathrooms. Larger units are in high demand by families and provide a higher standard of living with additional amenities in each building including expanded living space, cosmetic upgrades, air conditioning, electrical and insulation upgrades, improved rooflines and the creation of newly renovated meeting and laundry facilities.
Phase III is a single building consisting of 42 units. Construction will begin in August 2022 at an estimated cost of approximately $26 million. Each construction phase will take about 12 months. Phase 4 is currently unfunded.
In August 2020, the Housing Authority was renamed Greenwich Communities. “We have evolved and now provide housing solutions to help address Greenwich’s diverse housing challenges and improve the quality of life for the residents we serve,” Johnson explained. “Over the past few years, we have made significant progress in diversifying and improving our properties, making key investments and improvements for our residents,” he added.
The City of Greenwich Housing Authority was established in 1946 to provide housing for returning veterans at Adams Gardens and Armstrong Court. Since its inception, the organization has owned and operated 13 housing complexes housing seniors, low- and moderate-income families, and people with disabilities with 837 apartments, including a 40-bed assisted living facility. HATG also administers 353 resident vouchers under the federal Section 8 program.
“We provide high-quality services to our residents while administering a very robust capital program and ensuring the financial success of Greenwich communities while providing quality, safe and affordable housing now and into the future,” Johnson said.
Contributed photos by Greenwich Communities Armstrong Court Building 2
For more information, please visit their website, https://greenwichcommunity.org/
or call Maria Morris at Greenwich Communities
(203) 869-1138, ext. 101