The Monarch, a new 64-unit affordable housing development at 149 Derby Ave. in New Haven, is 100% leased and expected to be fully occupied by the end of December, according to the developers.
The project, developed by Honeycomb Real Estate Partners and Vesta Corporation, offers income-restricted apartments for households earning up to 80% of area median income.
For households earning up to 50% area medium income, rents start at $1,066 for one-bedroom units, $1,280 for two-bedroom units and $1,478 for three-bedroom units. For households earning up to 80% area medium income, rents range from $1,706 for one-bedroom units, $2,048 for two-bedroom units and $2,364 for three-bedroom units.
City and state officials marked the opening with a ribbon-cutting ceremony last week. About 75% of residents have already moved in.
The $27 million complex, city officials said, is part of ongoing efforts to expand New Haven’s affordable housing supply and increase family-oriented units. Tyisha Walker-Myers, president of the New Haven Board of Alders, said officials have pushed for developments that include common areas and computer access for children, not just basic apartments.
The energy-efficient building is in a walkable, transit-accessible area and was financed through a mix of city support, state housing agencies and private partners.
