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Interiors of a substantial rehabilitation are
equivalent to those of new construction.
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Stamford Community Development (SCD) assists property owners in renovating housing units for occupancy by low and moderate income individuals and families. SCD works with investors to assure fair return on units renovated. At the same time, design and neighborhood are strengthened by reinvestment.
Assistance takes the form of partial financing at favorable terms, working with private lenders, putting together specifications, and inspecting work for completeness.
Several sources of funds are available for use in creating/renovating affordable housing.
The HOME Investment Partnership Program provides funds for new construction and rehabilitation. Several buildings have been subject to substantial rehabilitation using these monies. The result is all new building systems and interiors, permitting long term financing at advantageous rates.
In evaluating project feasibility, we urge owners to take a good look at their entire site. Existing structures may have historic significance. Under the historic density bonus their renovation with sufficient site size, can permit additional new construction .
Community Development can even address renovation needs of some of our high rise structures, though at higher number of units federal Davis-Bacon wage rates apply.
Under HOME, the City can provide up to $20,000 per unit, no interest and no principal for 30 years.
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