Committee hears Elm City Lofts presentation as developer seeks tax abatement and zoning change

New Haven — Developers seeking a tax abatement for Elm City Lofts outlined plans and financing Tuesday to convert an existing building and construct adjacent apartment buildings aimed at low- and moderate-income households.

At a meeting of the Joint Legislation and Tax Abatement Committee, presenters said the roughly $120 million development would be targeted to households at about the 50–60% area median income tier and would rely on a mix of financing, including mortgage authority loans, sale of low-income housing tax credits, federal and state historic tax credits and an indicated federal support amount of $33,710,000, which presenters said they recently were told was likely to be available. The agenda lists ordinance LM2025-076 to classify the Elm City Lofts property as housing for low- or moderate-income households and to authorize the mayor to enter a tax-abatement agreement with Elm City Lofts LLC under Connecticut General Statutes §8-215 and the New Haven municipal code (city code section 28-4). The ordinance was presented for discussion; the transcript does not record a formal vote.

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