State Bond Commission to Approve $15 Million
The New Britain legislative delegation announced expected approval of several items on the bond commission’s next agenda benefitting the revitalization of Corbin Heights Extension and Pinnacle Heights in New Britain. Three items on the agenda will total $15 million dollars for the remake of the public housing facility.
“This is a very significant neighborhood revitalization initiative that will improve quality of life in our city by turning dilapidated former public housing into an attractive neighborhood. And the construction work rehabilitating this neighborhood will create many, much-needed jobs in our community,” said Rep. TimO’Brien. “Once again, Gov. Malloy has shown strong leadership in job-creation and community investment by taking a project that languished under former administrations and getting it done.”
“Increasing the supply of affordable and accessible housing for young people and working families is a key component of our long-term economic plans and will help keep Connecticut competitive and encourage job creation here,” Governor Dannel Malloy said. “This is an excellent example of the ways in which we can revitalize our communities and encourage job growth and development by making smart, strategic investments.”
Both housing developments are owned by the Connecticut Housing Finance Authority (CHFA) and the Authority has made the decision to direct funding to remake the dilapidated housing
“Our neighbors who live at Corbin and Pinnacle Heights have been waiting a long time for this investment,” said Senator Theresa Gerratana. “We are excited and appreciative to have the Governor support a project that will not only improve the quality of life for residents, but also create high-quality construction jobs in New Britain. As Connecticut continues its economic recovery, we must be prudent in deciding which projects to make investments. There’s no question this is a win-win for local families and the economy.”
The public housing complexes built in the late 1940’s and early 1950’s under the State Moderate Rental Housing Program, were prioritized in Connecticut Statute and have been declared an “exceptional priority” by the CHFA.
“Good Quality, public housing is key to New Britain’s long term success,” said State Representative Peter Tercyak (D-New Britain). “This funding will not only provide homes to hundreds of New Britain families, but it will also create jobs—hundreds of good paying construction jobs right away. I’m confident that the many electricians, bricklayers, plumbers and construction workers on this jobsite will spend money at our local restaurants and businesses here in New Britain.”
“People are struggling to keep their homes and families together in the turmoil of the current economy,” Rep. Robert Sanchez said. “I am pleased to see much needed funding allocated for this housing project at this critical time. It will surely strengthen the stability of our communities and help to keep our families together.”
Simon Konovar Company and The Richman Group were chosen by CHFA to perform the $80 million project, which will be done at one time rather than in phases. It is part of sweeping changes that include the total demolition of the Pinnacle Heights project, which the city is planning to use for economic development. When the remade housing is completed, the old public housing will be converted to 301 rental homes. Existing residents will be eligible to return to their improved homes. Groundbreaking is planned for early fall.
Moving forward, the project needs:
- Department of Economic and Community Development Commissioner approval
- Tax abatement agreements from the City of New Britain