Wednesday, May 6, 2009

Affordable Green Housing Proposal Awaits Financing to Begin Construction

In Stanford, Connecticut affordable housing has taken a green approach.

Online Journal The Advocate reports on a potential construction site for eco-friendly housing that would be designated for working class families that earn 25 percent to 60 percent of the area's median household income (AMI).

Jonathan Rose Companies LLC and W&M Properties, co-developers of the city's first "green" affordable housing, revealed plans for two housing complexes to city officials and members of the South End Neighborhood Revitalization Zone.

These complexes are part of Metro Green, a mixed-income housing development that is expected to
be certified by the U.S. Green Building Council's Leadership in Energy and Environmental Design (LEED).

Although developers hope to begin construction by 2010 they cannot begin until financing is secured.

While the city has already given developers $1.3 million from its affordable housing fee-in-lieu funds, developers must find additional gap financing. There is potential for this project to receive Low Income Housing Tax Credits and the city could also opt to use money from the capital appropriation budget for this development.

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