Ridgefield Modernization Initiative – Ridgefield, CT

Ridgefield Modernization Initiative - Ridgefield, CT

Ridgefield Modernization Initiative – Ridgefield, CT

The Connecticut Ridgefield Modernization Initiative by REDI is made up of two campuses on Gilbert Street and Prospect Ridge. It created a total of 12 newly-constructed units of low- to moderate-income elderly rental housing at “Ballard Green” on Gilbert Street  as well as substantially rehabilitated the remaining 66 units also at that campus to increase the number of units at that site to 78. In addition, the project substantially rehabilitated all of the existing 54 units, community spaces and office areas at the “Prospect Ridge” campus. This project also included substantial rehabilitation to a historic building at “Prospect Ridge” that houses the congregate living residents and staff. In total, this initiative  resulted in 132 units of new or restored, high quality affordable rental housing in Ridgefield, CT.

Project Characteristics:
– 12 one-bedroom units of new construction at Ballard Green
– Substantial rehabilitation of 120 existing units at both the Ballard Green and Prospect Ridge campuses
– 132 total units at project completion
– All units in this initiative are for low to moderate income persons and families

Project Funding Sources:
– $3.9M DECD Financing
– $7.8M CHFA Low Income Housing Tax Credits (Boston Capital – Syndicator)
– $860k Fairfield County Bank Mortgage
– $400k Federal Home Loan Bank AHP Funds
– $500K 2008 HTCC tax credits / CL&P
– $500k HTCC Tax Credits / CL&P

Development Team:
– REDI: Development Consultant
– Henry Scheduler Associates: Farmington, CT
– Ridgefield Housing Authority
– Naek Construction Company
– Wiggin and Dana, LLP