Meriden Receives State Funding for Affordable Housing Project

Meriden was recently awarded state funding for an affordable housing project under the Competitive Housing Assistance for Multifamily Properties initiative.

According to a press release issued by Gov. Malloy’s office, the CHAMP initiative is administered by the Department of Housing and helps owners and developers of multifamily rental developments to expand or rehabilitate affordable and supportive housing.

An investment of over $25 million in state capital funding was made for affordable housing projects in six municipalities completing the fifth round of the CHAMP initiative.

Under the initiative, the building at 122 Charles Street in Meriden will receive up to $3.59 million from the Department of Housing and approximately $1.34 million in tax exempt bond financing from the Connecticut Housing Finance Authority. The town will also receive $3.4 million in 4% Low Income Housing Tax Credits.

According to the release, the current 4.38-acre site has four attached historic mill buildings as well a stand-alone pump house building currently used as a community center for the residents. The unit mix at 122 Charles Street will include units at 25%, 50% and 60% of the area median income. Two units will be targeted for homeless veterans with supportive services being provided by the Veterans Administration of West Haven. This funding will leverage approximately $4 million in non-state funds.

“In this year alone, we’ve made more than $100 million available to help municipalities address one of their most pressing needs – the lack of affordable housing options in their communities,” Malloy said in the press release. “We are doing more to support local efforts to create and rehabilitate affordable housing, which will revitalize neighborhoods and strengthen entire communities.”

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