Bayview Towers

Tax Credit Rehabilitation of Affordable Housing in Stamford, Connecticut

Bayview Towers, located in downtown Stamford, Connecticut, is composed of 200 units. The property has several larger units, making it a critical affordable housing resource for working families in Fairfield County. The property is located within minutes to bus and rail public transportation and has easy access to Interstate 95. Bayview Towers was completed in 1973 and was in need of substantial repairs and renovation. In 2012, NHPF began a significant renovation, which includes kitchen and bathroom upgrades, energy efficient appliances, new flooring, replacing domestic and sanitary plumbing lines, new windows, new electrical panels, new AC units, new roofs, converting a portion of the units to be handicap accessible, exterior concrete repairs and re-enforcements, energy efficient lighting, and a new look for the exterior of the buildings.

Total Cost

$36,450,000

Description
Bayview Towers income mix includes 30 units at or below 25% AMI, 151 units at or below 50% AMI, 9 units at or below 60% AMI, and 10 units at or below 95% AMI.

Financing
Secured financing and funding for this project include:

$15,550,000Connecticut Housing Finance Authority Tax-Exempt Bonds
$10,900,000Deferred Sale Price
$7,000,000Federal Low-Income Housing Tax Credit Equity (LIHTC)
$1,150,000Existing Property Reserves
$800,000Interim Income
$550,000Deferred Developer Fee
$500,000Connecticut Housing Tax Credit Contribution (HTCC) from Connecticut Light and Power
$62,000Per unit in Hard Construction Costs