Woodcrest Elderly Housing – Somers, CT

Woodcrest Elderly Housing, Somers, CT

Two-Story Building at 71 Battle Street- Includes: 34 one-bedroom units, community room w/kitchen, office space and conference room. Completed October 2008 Woodcrest Elderly Housing, Phase I – Somers, CT

Woodcrest is a multiphase REDI project, 146-unit Low Income Housing Tax Credit (LIHTC) development built in cooperation with the Somers Housing Authority. REDI PM LLC runs the property, which serves a senior and disabled population at affordable rates. Woodcrest is a 100% ADA compliant property. Woodcrest Phase 1 is made of 86 units financed using CHFA’s 9% LIHTC tax credit program; Woodcrest Phase 2 is made up of 60 units financed using CHFA’s 4% LIHTC program.

 
The Connecticut Low Income Housing Tax Credit Program is an affordable housing program for individuals with fixed or low incomes. The Program was created by Congress in 1986 as part of the Tax Reform Act and is administered by the Internal Revenue Service.
 
The benefits to Residents living in such housing are a newly constructed or renovated apartment home and rents are lower than the market rate. The rents are 30% of either 50% or 60% of the area median income as published by HUD, often resulting in rents substantially lower than other comparable apartments. Each year the rents are reviewed to ensure that they remain affordable in compliance with the Program.
 
This Program is not a subsidized housing program. Each Resident is responsible for the full amount of rent each month. The rental amount is NOT based on the individual household income. It is based on the present income limits in the area.  
 
Owners are offered a reduction in their tax liability in exchanging for offering quality housing at these lower rents. To receive this reduction, the Owners must certify that the Residents are qualified under the Program requirements and are paying the correct amount of rent.

Project Characteristics:
– 34 newly-constructed one-bedroom units in one large 2-story building
– Demolition and rebuilding of remaining 52 one-bedroom units, including increasing the size of the units
– All units are for low-to moderate-income elderly persons (i.e., 50% or lower Area Median Income)


Project Funding Sources:
– Approximately $9M – CHFA Low Income Housing Tax Credits (SunAmerica – Syndicator)
– Somers Housing Authority
– $5.3M DECD Funds
– $800K Rockville Bank mortgage
– $700K DECD Small Cities CDBG Funds
– $400K Federal Home Loan Bank AHP Funds
– $500k HTCC Tax Credits / CL&P
– Total Development: Approximately $17M
* REDI was instrumental in obtaining all funding sources for this project and all funds have been committed.


Development Team:
– Somers Housing Authority
– Real Estate Diagnostics, Inc.
– Wiggin and Dana, LLP
– Peter Blasini, Esq.
– Henry Schadler Associates, Architect
– Alca Construction, General Contractor
– All Phase Construction, General Contractor
– REDI Property Management, LLC.


Woodcrest Elderly Housing, Phase II – Somers, CT

Private road connecting Woodcraft Elderly Housing Expansion Phases I and II

Private road connecting Woodcraft Elderly Housing Expansion Phases I and II

The Somers Housing Authority (SHA) is the local housing agency for the Town of Somers, CT. Created by town ordinance in 1968, SHA exists to provide decent, safe, sanitary, and affordable housing for low-to moderate-income persons and families. It has pursued this mission for more than thirty-five years and continues to do so today.

Since its inception, SHA has developed 146 units of affordable housing for low-income persons and families. SHA’s largest development completed to date is Woodcrest Senior Housing Phases I & II which consists of 146 affordable elderly rental units completed in 2012.

Woodcrest is a beautiful residential community developed to offer gracious, private, independent living for adults sixty two years of age and older or with disabilities. It is located in Somers, CT in a quiet country setting.

The new construction has a total of 146 units- 78 ranch style and 68 located in our 2 story buildings. Amenities include a living room dining room combination, kitchen, fridge/stove/dishwasher included, one bedroom, one bathroom, call-for-aid, stack washer/dryer hookups, and onsite storage space.

Living at Woodcrest will entitle to you to use of our three large community rooms for social gatherings, meetings and your own private parties. We also offer free on-site parking, secure entry in the large buildings and laundry facilities. Come see why Woodcrest Elderly Housing adds a unique dimension to senior living in this beautiful community.

Project Characteristics:
– 34 newly-constructed one-bedroom units in one large two-story building
– 26 newly-constructed garden-style one-bedroom units
– All units are targeted to low- to moderate-income elderly persons (i.e., 60% or lower Area Median Income)
– All units are 800+ sq. ft. with laundry hook-ups; large building features on-site community/recreation room


Project Funding Sources:
– $3.2M CHFA 4% Low-Income Housing Tax Credits (Alliant Capital – Syndicator)
– $7M CHFA Bond Financing during Construction
– $6.2M DECD HOME and Flex Funds
– $2.25M Rockville Bank Permanent Mortgage
– $400K Federal Home Loan Bank AHP Funds
– $500k HTCC Tax Credits / CL&P
Total Development: approx. $12.9M


Development Team:
– Somers Housing Authority
– Real Estate Diagnostics, Inc.
– Wiggin and Dana, LLP
– Henry Schadler Associates, Architect
– Alca Construction, General Contractor


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