Library Place, the first development project undertaken by the corporation, consists of sixty units of rental apartments in downtown Danbury. The properties were acquired by NPRHC from Danbury Hospital in 1995. The project involves a mix of deed-restricted affordable units for low and moderate income persons and market rate units that provide reasonable, centrally located workforce housing. The corporation secured financing for acquisition and rehabilitation of the properties, oversaw the renovation of the units and manages the units as part of its rental portfolio.
Palace View, the first new construction project undertaken by the corporation, consists of 70 units of affordable senior rental housing. Located in the heart of City Center, the project required the corporation to pull together a series of local, State and Federal partners as well as to implement a complex financing plan to bring the development to a successful conclusion. The finance package included funding from the Connecticut Housing Finance Authority through the Low-Income Housing Tax Credit Program; an Affordable Housing Program grant from the Federal Home Loan Bank of Boston obtained with the assistance of Union Savings Bank and Community Development Block Grant Funding from the City of Danbury. Palace View opened in 1999 and continues to be owned and managed by the corporation.
For more information on the Palace View development, please click here to see the project profile on the website of the Federal Home Loan Bank of Boston.
For information about applying for affordable rental units owned by the corporation, please contact 203-797-8255.