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