June 21, 2007
Downtown apartment project to get $3.4M
The State Bond Commission is expected to approve a $3.4 million grant next week for Sheldon Oak Central Inc. and the North End Gateway project in Hartford. The grant is earmarked for a second mortgage loan at 2.5 percent interest rate for 30 years to help finance 57 new apartment, mostly for low and moderate income families, at 1450 Main St. in Hartford. Sheldon Oak Central is a not-for-profit urban development corporation that, in partnership with the Carabetta Organization, is building the units. Forty-five apartments will be built for low income families, 12 will be market rate. The land for the project was donated by the City of Hartford and is located just outside downtown in the Clay Arsenal neighborhood. The total cost of the project is $15.6 million, and includes a $2.3 million first mortgage from the Connecticut Housing Finance Authority and $9.9 million of Federal low income tax credits.
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