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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 use a different leasing process because of how Riverwood was financed. “It's a different type property,” he said, and added that the team will try to contact people on existing wait lists where possible but that the eligibility and intake process differs from Millport and Canaan Parish.
Separately, a meeting participant criticized HB 5002 — the large state omnibus bill referenced in the discussion — saying it contains provisions that would restrict automated pricing tools. The participant described HB 5002 as “a catastrophe of a bill,” and explained that the bill would bar use of pricing algorithms that many property managers use to adjust rents and maximize occupancy. The speaker warned that the change could force managers to revert to manual rent-setting and reduce efficiency; the governor had not signed the bill at the time of the meeting.
Staff also said recent federal/state refrigerant rules are affecting capital planning at Riverwood: replacement of older HVAC compressors is required because new equipment cannot be manufactured to use phased-out refrigerants. One speaker noted this is driving repairs from simple fixes to full equipment replacement.
Leasing staffing and outreach were discussed. Scott said leasing staff turnover and a temporary gap in on-site staff have affected leasing efforts; managers said senior staff have stepped in for coverage and that a new price list will be sent to local partners to assist referrals.
Discussion only; no formal board action was taken on Riverwood during the meeting.
