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Riverwood reports roughly 20 market-rate vacancies; managers cite financing differences and state bill on rent-setting
Summary
Managers told a New Canaan housing meeting that Riverwood currently has no affordable units and about 20 market-rate vacancies. Staff said the property will add area-median-income (AMI) units and that recent state legislation (HB 5002) and refrigerant rules are complicating leasing and capital plans.
At a New Canaan housing meeting, staff reported that Riverwood has no affordable units and about 20 market-rate units currently vacant. Scott (staff member) said, “As of right now, we don't have any affordable units, period,” and added that the property has “in the neighborhood of 20 market rate units” available.
Managers said Riverwood will convert some units to area-median-income (AMI) units that are higher than state-designated affordable levels but lower than market rents; Scott said the change will…
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