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Committee approves tax-abatement deal for Winchester Lofts to convert units to long-term affordable housing
Summary
The Tax Abatement Committee approved a tax-abatement agreement for the non-profit purchaser of Winchester Lofts that will restrict roughly 75% of units as permanently affordable and provide a $2,000-per-unit annual abatement (with a 3% increase beginning year two) under a 15- or 17-year restriction, contingent on closing and ownership dates.
The New Haven Tax Abatement Committee voted to approve a tax-abatement agreement that the Merry Fund, a nonprofit organization, said will convert Winchester Lofts into a building with permanently restricted affordable units. Frank Faragher, identified as chairman of the Merry Fund board, told the committee the nonprofit is under contract to acquire the 159-unit property and intends to permanently restrict 75% of the units as affordable while leaving building services and operations largely unchanged. "We're asking you for the amount of money that would…
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