Pine Tree Lane Redevelopment Grand Opening Event: Oct. 6

Fairfield, CT - On Friday, October 6, from 11:30am to 1pm, The Fairfield Housing Authority is hosting the Grand Opening Event for the Pine Tree redevelopment project at 15 Pine Tree Lane, Fairfield, Connecticut. US Representative Jim Himes, Deputy Commissioner, Department of Housing Nick Lundgren, Karl Kilduff, Executive Director of the Connecticut Housing Finance Authority and Senator Tony Hwang will be featured speakers presenting remarks. Lunch will be served immediately following remarks and a special dedication presentation.

The Fairfield Housing Authority, under the leadership of the Chairperson, Carol Landsman, commenced the pursuit of the Pine Tree redevelopment project consisting of the demolition of 38 units (studios and one bedroom units) of rental housing built in 1966 & 1972 and new construction of 50 units of affordable housing with 45 units at or below 60% of Area Median Income, and 5 units at 80% of Area Median Income. The new owner, Pine Tree Housing Limited Partnership, received a commitment to finance the project from the Connecticut Housing Finance Authority (CHFA) Board at their November 2015 Board Meeting. The total development costs for the project is $17.9 million. The project financing includes a private investor, Alden Capital Partners, Los Angeles, CA who is providing $5.8 million of tax credit equity to the project. The project is a private – public partnership investment under the Federal Low Income Housing Tax Credit program using 4% Tax Credits and Tax Exempt Bond Financing. The Tax-Exempt Bond construction/permanent financing and non-amortizing permanent debt (gap funding) are provided by CHFA.

The project’s construction contractor is Haynes Construction Company, Seymour CT, and the project commenced on April 15, 2016 and is on schedule to be completed prior to the contract completion date of November 30, 2017. Approximately, 175 construction employment opportunities have been created. The project Architect is Paul Bailey Architects, New Haven CT, and the project property management firm is Millennium Real Estate Services, LLC, New Britain CT.

All original residents have elected to return to the new development and rents remain affordable. This is made possible by a commitment of 25 project based rental subsidies from the State of Connecticut, Department of Housing under the guidance of Commissioner Evonne Klein. There are 5 rental units set aside for permanent supportive housing with services being provided by Operation Hope of Fairfield, CT.

All 33 first floor one-bedroom units are barrier free/fully accessible units, and the 17 second floor units include 7 one-bedroom units and 10 two bedroom units. The development includes a community building and management/owner offices.

This project represents Fairfield’s commitment to provide high quality affordable housing to serve the diverse needs of the community. The location of the development received local government land use support, State funding support, and private investor support. Truly, an example of responsible affordable housing development to address the needs of Fairfield County serving a socio-economic diverse population, which is the fabric of any healthy neighborhood.

Events by Gayle organized the Grand Opening Event which will include lunch by b.Good, Fairfield, CT. 

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Submitted by Fairfield, CT

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