Jan Hochadel

State Senator

Jan Hochadel

Deputy Majority Leader

WORKING TOGETHER TO FIND SOLUTIONS

June 27, 2024

Senator Hochadel Welcomes Financing for Meriden Housing Development

Sen. Jan Hochadel, D-Meriden, welcomed state financing Wednesday to support the renovation of a vacant mill in Meriden in order to create a total of 82 housing units, most of which will be set aside for affordable housing.

The redevelopment of the 123,000 square-foot Aeolian Company building at 85 Tremont St. in Meriden will receive $9.5 million in financing from the Connecticut Department of Housing and $4.78 million in financing from the Connecticut Housing Finance Authority.

Additionally, low-income housing tax credits are expected to generate more than $18 million in private investment for this project.

“This financing to repurpose the historic Aeolian building represents a victory for Meriden taxpayers, who will benefit from the redevelopment of a vacant building as well as families seeking affordable place to live,” Senator Hochadel said. “This money addresses a critical need while making smart use of existing structures and I’m grateful to the Department of Housing and the CHFA for their efforts to support Meriden.”

Of the 82 housing units that will be created by the project, 71 units will be affordably priced for households making at or below 80% of the area’s median income. The project is located within walking distance of public transportation and will include amenities like a fitness center, kids’ playroom, indoor bike storage, and a community room.

The Department of Housing and Connecticut Housing Finance Authority announced the financing this week as one of nine projects, which will receive a total of more than $57 million in loans and grants from DOH and $51.6 million from CHFA.

These projects are expected to create a total of 722 housing units, including 651 for low- and moderate-income renters, 82 of which will be permanent supportive housing for people experiencing homelessness and people with disabilities.

“Since 2019 we have built or rehabilitated 12,000 affordable units in different communities around the state, with another 5,000 under construction” Housing Commissioner Seila Mosquera-Bruno said. “Soon these units will become homes for many families who expect and deserve high-quality affordable living. DOH will continue to work with all our partners to ensure that residents have options that are affordable in the community they choose to call home.”

“We are excited to support these housing developments, which will make a meaningful impact on the lives of Connecticut residents,” CHFA CEO Nandini Natarajan said. “Through strategic financing and collaboration, CHFA is dedicated to providing safe, affordable housing for individuals and families across a range of income levels. These developments highlight the importance of public-private partnerships in fostering inclusive communities and addressing the diverse housing needs of our state.”

Contact: Hugh McQuaid | Hugh.McQuaid@cga.ct.gov | 860-634-4651