Torringford West Apartments
Torringford West Apartments represented a classic preservation opportunity for POAH. The property is an attractive, well-maintained residence for low-income seniors, built in 1983 and located in a convenient residential neighborhood in Torrington, Connecticut. Its owners could have chosen to opt out of any rent regulatory program when its mortgage matured, converting to market-rate rents unaffordable to seniors on fixed incomes.
To secure the property's long-term affordability, POAH purchased Torringford West in 2005 and arranged for the renewal of the property's project-based Section 8 rental subsidy contract. Because the rent subsidies are attached to the property rather than to individual tenants, the units remain affordable to both current and future elderly residents for the duration of the long-term subsidy contract.
In late 2013, POAH worked with the Connecticut Housing Finance Authority (CHFA) to refinance the property using a lower-interest CHFA loan and 4% Low Income Housing Tax Credits. The Connecticut Department of Housing provided critical gap funding. These financing sources, combined with equity derived from the tax credits, enabled POAH to undertake a substantial renovation which included the replacement of the roof, the installation of new energy-efficient windows, modernization of the elevator, upgrades to apartment kitchens and bathrooms, the expansion of the much-used community room, and upgrades to HVAC and life-safety systems.
- Prudential Social Investment Fund
- US Department of Housing and Urban Development (HUD)
- Connecticut Department of Housing
- Connecticut Housing Finance Authority