In April 2018, CDT funded a $4.1 million permanent loan to Ribicoff Apartments (Phase I), a newly constructed 55-unit family community located in New Haven, Connecticut. Forty-four units receive rental subsidies under a 20-year HAP contract in conjunction with the Department of Housing and Urban Development Rental Demonstration Assistance Program (RAD), with the remaining eleven units targeted at market rate. The RAD units serve families at 25%, 50%, and 60% of area median income.
The Property is part of a two-phase redevelopment project, which included the demolition of an old public housing development and the new construction of Ribicoff Apartments I and II financed with 9% and 4% LIHTC credits. Amenities for residents include a community garden and a community building with a computer room. The community building serves as the location of the project’s Supportive Housing Program, available to all households receiving intensive case management services.
Ribicoff Apartments was developed by The Glendower Group, a nonprofit group created as the development arm of the Housing Authority of New Haven. The mission of Glendower is the promotion and advancement of economic development, employment opportunities and urban revitalization by developing affordable housing for low- and moderate-income families within the New Haven community. CDT has financing one other project with the Glendower Group.
In addition to CDT’s permanent loan, the development was financed with LIHTC credits syndicated by Red Stone Equity Partners and a subordinate loan from the Housing Authority of New Haven. J.P. Morgan Chase provided both construction financing and purchased the credits from Redstone.