Fairfield Housing Authority seeks funding for 40-unit development at 980 High Street

In a recent meeting of the Affordable Housing Committee in Fairfield, Connecticut, discussions centered around the critical development of 980 High Street, a project spearheaded by the Fairfield Housing Authority. The meeting, held on December 18, 2024, highlighted the ongoing efforts to secure financing for this ambitious initiative, which aims to provide affordable housing in the community.

The Fairfield Housing Authority has made significant strides since purchasing the property in February. However, rising construction costs, exacerbated by the pandemic, have created a funding gap of approximately $1.5 million. To address this, the Authority is preparing an application for low-income housing tax credits (LITEC), which is due by January 15, 2025. This application is highly competitive, with the Connecticut Housing Finance Authority typically receiving over 20 applications but only funding about five or six.

During the meeting, officials discussed the importance of local support in strengthening their application. A soft commitment from the town could enhance their chances of securing the necessary tax credits. The committee was informed that the project has been adjusted to convert market-rate units into tax credit units, ensuring that all 40 units will meet affordable housing designations. This strategic shift aims to maximize the project's competitiveness in the funding process.

The breakdown of the units includes eight at or below 80% of the area median income (AMI), six at or below 60% AMI, ten at or below 30% AMI, and sixteen at or below 50% AMI. This diverse mix is designed to cater to various income levels, ensuring that the project meets the community's needs for affordable housing.

As the committee deliberated, the urgency of the situation became clear. The application process is set to conclude in March or April 2025, and the committee's support could be pivotal in bridging the funding gap. The discussions underscored the collaborative effort required to make affordable housing a reality in Fairfield, with hopes that local financial backing could also attract additional state support.

As the meeting wrapped up, the commitment to advancing affordable housing in Fairfield remained strong, with officials optimistic about the potential impact of the 980 High Street project on the community's housing landscape. The next steps will be crucial as the committee prepares to formalize its support and the application moves forward.