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Commission amends Riverview Park Royal affordable-unit terms after CHFA briefing; original units stay at 40-year restriction
Summary
Shelton commissioners voted 5-0 to amend Riverview Park Royal (Application 20-22) so the original nine affordable units remain at 80% AMI for 40 years while the additional nine units follow the Build for Connecticut (CHFA) program terms (minimum six-year obligation; CHFA underwriting to determine exact affordability and term).
The Planning and Zoning Commission voted 5-0 Wednesday to amend the Riverview Park Royal approval (Application 20-22) after a briefing on the Build for Connecticut program from a CHFA/partner representative.
Under the motion the commission adopted, the nine affordable units that were part of the original approval will remain restricted at 80% of area median income (AMI) for 40 years, reflecting the applicant's prior commitment. The commission also…
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