IN THE NEWS

Redevelopment agency: Affordable condo units proceeding on schedule

November 23, 2009; As originally appeared in The Hour

NORWALK -- Work is proceeding rapidly on eight affordable condominiums on Ely Avenue, and the units should be ready for occupancy by next spring, according to the Norwalk Redevelopment Agency.

The development, called 310 Ely Townhouses, is a joint endeavor between developer Cutrone Properties, LLC, the Housing Development Fund and the Norwalk Redevelop-ment Agency.

The development is the first owner-occupied project that the agency has participated directly in since 1994. The agency provided a roughly $915,000 construction loan toward the nearly $1.9 million project.

"The partnering between the public and private sector is an important strategy for affordable housing initiatives," said Timothy T. Sheehan, Redevel-opment Agency executive director. "In the current economic climate it is important for the agency to explore new opportunities with the development community to enable developments such as this one to move forward."

Sheehan was among a number of people attending a figurative groundbreaking at the development site on Friday afternoon. Also on hand were Mayor Richard A. Moccia, Norwalk Redevelopment Commission Vice Chairman Emil Albanese and representatives of Cutrone Properties.

"Partnering with the Redevelopment Agency is a win-win for all concerned," said Cutrone Manager Pat Cutrone. "The city gets additional affordable housing, first-time home buyers achieve their dream, and as a developer we
continue to develop in even in a weak housing market."

The eight modular, two-bedroom townhouse-style condominiums are expected to sell out before they are completed, because of the need for affordable housing in Norwalk, according to officials.

To be eligible for a unit, a person or household must have an income that falls at or below 80 percent of the area median income adjusted for family size. That translates to a maximum income of $68,500 for a one-person, $78,300 for a two-person, $88,050 for a three-person and $97,850 for a fourperson household.

For eligible purchasers, the Housing Development Fund is providing downpayment and closing cost assistance through its various first-time home buyers programs.

"Affordable housing requires many partners to make it work. Each entity adds their own unique talents and strengths," said Kevin Porter, Director of Loans for the development fund. "We look forward to working with the Redevelopment Agency in providing first-time home buyers financing for this and future projects."

Cutrone Properties approached the Redevelopment Agency and inquired if the agency would be interested in building affordable housing units. At that point in the discussion, it was unclear whether the agency would be the developer, partner with Cutrone Properties or provide a construction loan. The agency decided on providing the construction loan, according to Timothy J. Carney, Housing Development Project Manager at the agency.

Work on 310 Ely Townhouses is continuing with the remainder of the modular units scheduled for delivery this week.

"By Wednesday, they should have the roof on tight and ready for siding. The flooring is all in there, the cabinets, the appliances are already all in there," Carney said. "They're tying it all together."