East Hartford, Connecticut
CDT Partner
HallKeen
Investment Description
In partnership with HallKeen, CDT acquired Summerfield Townhouses in 2001. With the help of a $1.35 million rehabilitation program, this aging 396-unit multifamily property has been transformed into an attractive and vibrant community for low- and moderate-income families. A former storage garage on the property is now a community center, where residents can take advantage of a full schedule of social service programs that include GED and ESL classes.
Transaction Highlights
Summerfield is CDT's first investment where an Interest Rate Reduction Payment (IRP) was "decoupled" to finance part of the acquisition. With the rehabilitation program and additional funds from a $125,000 grant from HUD's Connecticut office, extensive improvements to the property have been achieved. Supported by housing subsidies provided under the federal Section 8 and 236 programs, occupancy at the Summerfield Townhouses has held near 100% since CDT's investment.
the community development trust
