NHPF remains very concerned regarding the overall health and well-being of our 25,000 residents during the Covid-19 crisis. We have been actively working with our third-party management companies in taking steps such as increased cleaning of common areas, limiting resident contact except for emergency situations and, through our resident services program subsidiary Operation Pathways, providing resources for financial assistance, food, medicine, transportation, and needed supplies. In addition, we have placed a moratorium on all evictions for non-payment of rent for the duration of this crisis and are actively engaging our residents who have been financially impacted to discuss payment plans. We fully appreciate the social and emotional tolls the length of this crisis have taken on our residents and we will follow all local and state government directives regarding the reopening of our sites and community centers. The safety and well-being of our residents remains our highest priority.

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