Mutual Housing Association of Southwestern Connecticut, Inc for Fairfield Commons
Location: Stamford, CT
Loan Amount: $1,250,000
Loan Type: Mini-Permanent Loan for Operating Properties
Project Description: Fairfield Commons is an affordable supportive housing rental development for previously homeless individuals and families consisting of 19 one, two and three-bedroom units. In order to construct an additional 12 units on the property and bring in HUD Section 811 funds NC provided a Mini-Perm loan until the borrower can raise other capital and grants.
Mutual Housing used an NC Mini-Perm Acquisition loan to refinance an existing bank loan to provide less stringent LTV requirements. This, in turn, enabled Mutual Housing to subdivide the property to close on HUD Section 811 financing for the second phase of this supportive housing project. Upon completion, the project will provide a total of 50 units of supportive housing for previously homeless individuals and families. Laurel House provides on-site supportive services, and the Stamford Housing Authority provides development and operating funding.