Web Sites, Documents and Articles >> Hartford Courant News Articles >
Group Enters Rental Market
Southside Alliance Venture Involves Buying 12 Buildings In Frog Hollow, Barry Square

February 3, 2005
By JEFFREY B. COHEN, Courant Staff Writer

After years working to help neighborhood residents become homeowners, the Southside Institutions Neighborhood Alliance is moving into the rental market.

In what is called a "scattered site" development, the Alliance and the Broad-Park Development Corp. have acquired 12 buildings with a total of 74 rental two- and three-bedroom apartments in various parts of Frog Hollow and Barry Square, Alliance Executive Director Luis C. Caban said Wednesday.

"This is our first real jump into the rental market," Caban said. "And there's a big need for rental. This community is mostly a rental community."

"One of the things we did early on, which turned out to be an incredibly smart strategy, was to buy everything that was available," he said. "If we're going to be successful in terms of building affordable housing, we have to pick up property before the housing prices start climbing."

Fannie Mae, a nationwide mortgage organization, became interested in the project when contacted by the Alliance.

"They approached us and said, `Let's renovate and stabilize the housing in and around the Learning Corridor,'" said Robert Kantor, director of the Fannie Mae Connecticut Partnership Office.

"The affordable rental is what stabilizes the critical mass. It makes a statement," Kantor said. "Even though this is a `scattered site' development, it's renovating several dilapidated buildings and changing the feel of the community."

The project's total cost is about $10.5 million, Caban said. Of that, $7.3 million was put up by Fannie Mae in return for federal tax credits, Kantor said. As a result, the Alliance and Broad-Park need only raise or borrow the remaining $3.2 million.

"Because they only need a $3 million loan, they can really charge much less in rent," Kantor said.

Of the 13 properties, the one at 149-151 Affleck St. and the two at 83-85 and 87-89 Ward St. are available. Rents range from $635 to $740, and Section 8 vouchers are accepted. Of the 74 units, close to a dozen have been rented, Caban said.

"And the interesting thing is that, in the apartments that we've rented, we're getting folks that are moving out from dilapidated properties," he said.

The project, which is scheduled for completion by the end of the year, will be formally announced at 12:30 p.m. today at 1624 Broad St. with local leaders expected to be present.

Reprinted with permission of the Hartford Courant. To view other stories on this topic, search the Hartford Courant Archives at http://www.courant.com/archives.
| Last update: September 25, 2012 |
Powered by Hartford Public Library  

Includes option to search related Hartford sites.

Advanced Search
Search Tips

Can't Find It? Have a Question?