||| Developer Creates Better Living On Acorn Street And Beyond
The 12-unit property on Pequot Avenue is in a great location as it is located in New London on a very picturesque street. The neighborhood consists of people of various ages, and socio-economic backgrounds. Also in progress is a 3-family home in a working-class neighborhood on Acorn Street in New Britain. There are single-family homes, multi-family homes, condos, and even a college on the street. The town of New London is very diverse and a small city with tremendous potential. The former owners had significantly neglected the property due to the extensive deferred maintenance. "I love the diversity of the neighborhood and the location. I think there is tremendous upside as the city has been public about putting additional resources into the area." "We had a plan to both complete needed repairs and improve the profitability of the building. Working with C4C, we developed a plan, and they showed us how to fund our plan." Now he is working on installing energy-efficient mini splits in each unit. He has installed a new roof, new energy-efficient windows, replaced flooring, painted the entire building's interior and exterior, and updated the bathrooms and kitchens. If not for this loan, the tenants would be living in substandard outdated units, and the units would not be energy efficient. More than half of the tenants receive some social services, including mental health, and need affordable, clean, and safe housing. By doing the energy-efficient upgrades, it helps to lower the utility expenses that the owner pays and enables the units to remain affordable.
||| A School Project - Elm City Montessori
Elm City Montessori School (ECMS) was founded in 2012 by a group of parents as a racially, ethnically, and economically diverse school with a nurturing child-centered approach to early education with strong parent engagement. They adopted the Montessori education model. Supported by the New Haven Board of Education, ECMS is a part of the district’s efforts to provide a portfolio of exemplary educational options designed to ensure that all New Haven students complete high school with 21st Century skills, ready to lead successful lives. ECMS began with a core of early education grades and has grown to include K-7th grade and will add 8th grade in the 22/23 School Year. The school is committed to building an Anti-Bias and Anti-Racism institution in partnership with staff, families, children, and community. ECMS was given the opportunity to purchase the building that housed the school. Financing for the $5.4 million purchase was made possible through the financial cooperation of three CDFIs (New Haven Bank, Capital for Change, and Community Economic Development Corp. (CEDF)).
||| Edward Street Project
Edward Street Housing, LLC is comprised of three (3) lots purchased from the City of Hartford to build three 2 unit houses. The City in recent years spent $210,000 on environmental remediation cleanup in the area. The new 2-unit multi-family homes are being sold below cost to qualified buyers. Buyers must meet certain income levels and receive training in property management. Potential buyers must have family income less than 80% of the Hartford area median family or $78,720 and are required to take 8 hours of pre -purchase training. Other requirements pertain to resales for 15 years. Special mortgages on the three properties were offered by Liberty Bank at 3.5% for 30 years with down payment and closing cost assistance. Edward Street Housing, LLC intends to have all three homes sold by year-end. The completion has been achieved by funding from the borrower, Rashid Hamid, and his entity, Naek homes, a first mortgage from Capital for Change, Inc., and a second mortgage from the City of Hartford. The City selected Edward Street Housing, LLC thru its participation in the Federal Home Improvement Program. The homes are modular and were built by Westchester Modular Homes in New York. Additional construction was performed by primarily minority contractors. Attention was paid to every efficiency. The units are 1225 square feet each with 3-bedrooms and 1.5 bathrooms on the first floor and 3-bedrooms and 1 bath on the second floor. Due to the reduced sales price the program offers a minimum term ownership requirement. The overall program is part of on-going efforts to support the development of decent, safe, and affordable home ownership and vacant lots are removed adding tax revenue for the City. The properties also become a positive addition to the neighborhood and are conveniently located to transportation and commerce.