A project to convert the former East Haven High School into affordable housing for seniors has received a $1.42 million tax credit boost.
The Connecticut Housing Finance Authority (CHFA), the state’s housing finance arm, said it has approved $1.42 million in Federal Low Income Housing Tax Credits for the project.
The renovation will create 70 units of elderly housing, 50 of them for low-income residents. The remaining 20 units will be sold at market rate.
Fourteen of the units will include supportive services for families or individuals who are chronically homeless, CHFA said. The town of East Haven will continue to own the building’s pool, gymnasium and auditorium.
The project was among six affordable multifamily housing developments in four Connecticut communities awarded a total of $8.08 million in federal housing tax credits, which CHFA officials said will leverage $79.9 million in equity from private investors.
The redevelopment of the properties is expected to generate 704 jobs in construction and related fields, $170.2 million in economic activity and $14.6 million in net state revenue, officials said.
Natalie Missakian can be reached at news@newhavenbiz.com
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