Trout Brook Realty Advisors will receive a $4 million loan to help with renovation of The Elms, located on New Britain Avenue in West Hartford.
Submitted
The State Bond Commission on Wednesday, June 26, 2019, approved a $4 million loan to help rehab Trout Brook Realty Advisors’ 72-unit property located at 1078 New Britain Ave. in the Elmwood Neighborhood of West Hartford, CT.
“I would like to thank Gov. Lamont for making sound investments in affordable housing at this week’s Bond Commission meeting and reaffirming that affordable housing development is good for Connecticut,” stated George Howell, executive director of the West Hartford Housing Authority and CEO of Trout Brook Realty Advisors.
“These investments will help to fund construction of new affordable units, and redevelopment of existing, deteriorating units, leading to economic development and neighborhood revitalization throughout our state,” added Howell. “We look forward to continuing to work with the governor on building housing that supports a competitive workforce and provides quality housing options. “
Constructed in 1967 as The Elms, the original property unit mix included 47 one-bedroom and 25 two-bedroom units in a single four-story building. One owner privately owned the Elms for 50 years with no affordability restriction and with no renovations or improvements of any significance occurring during that period.
In January 2017, Trout Brook Realty Advisors, in partnership with The National Housing Trust, purchased The Elms, with the goal of restoring and rehabilitating the property to more comfortably and safely accommodate disabled and working families, preserve affordability, and improve the community.
The property is ideally located in Elmwood Center, less than ¼ mile walking distance to the Elmwood CTfastrak Station, across the street from the Faxon Library, less than ¼ mile walking distance to pharmacies, churches, banks, restaurants, shopping and services and ½ mile from two grocery stores.
Once the renovations are complete, the property – to be renamed “The Faxon” – will help prevent displacement of existing households by locking in affordability, modernize all units and common areas for the first time in 50 years, increase accessibility for tenants who are disabled and provide long-term resident-oriented management.
A key element of the project is the conversion of smaller units to create more two-bedroom family units. This will result in a reduction of total units from 72 to 67. As a commitment to affordability, 53 of the 67 units will be converted into affordable units through the Extended Low Income Housing Commitment of the Low-Income Housing Tax Credit (LIHTC) Program. Fourteen units will remain market rate.
Rehabilitation will occur in all units and common areas – including new kitchens, baths, windows and flooring. The project will provide ADA enabled units and will improve building accessibility in addition to replacing the roof and elevator.
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