Connecticut’s housing-finance arm put up $17.75 million in financing for the purchase and renovation of Stamford’s 200-unit Bayview Towers low- to moderate-income apartment development.
The Connecticut Housing Finance Authority (CHFA) and parties said Tuesday New York’s NHP Foundation – a 501(c)(3) nonprofit whose business model is to sustain affordable housing – is the new owner and will oversee a $12.3 million rehab of the 40-year-old twin towers at 300 Tresser Blvd.
PNC Bank also staked financing, putting up $7 million in federal low-income housing tax credit equity, authorities said.
Connecticut Light & Power also is participating in the rehab, with a $500,000 contribution through the state’s Housing Tax Credit Contribution program.
Bayview Towers, built in 1973, is composed of a 21-story building and adjoining nine-story high-rise.
The previous owner, Cornerstone Bayview Inc., sold the property to Bayview Preservation Partners LP. NHP Foundation is the partnership’s developer.
Renovations will include new kitchen cabinets, counters and fixtures, tubs and shower surrounds vanities, and medicine cabinets, as well as energy efficient lighting and appliances.
Capital renovations also include replacement of the domestic and sanitary plumbing lines, electrical upgrades, elevator improvements, all new windows, facade improvements and new roofs.
NHPF, through partnerships with others, owns 24 residential properties with more than 4,400 housing units in 11 states and Washington D.C.
