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HARTFORD – Today the State Bond Commission authorized $6.5 million to provide a loan that will assist the construction of a new elderly housing complex in Stafford Springs. The requested loan will be provided to Avery Park Limited Partnership explained State Representative Kurt Vail (Somers/Stafford).
The allocated bonds are part of the Department of Housing’s Affordable Housing Program or “flexible” housing program (FLEX). The goal of FLEX is to provide quality, affordable housing, and promote and support homeownership. The program also assists in the revitalization of urban and rural centers.
“I commend the actions of the State Bond Commission and the Department of Housing to invest in long-term solutions for our ever growing elderly population,” said Rep. Vail. “The construction of these affordable units provides an economically sound option for our senior citizens.”
The authorized loan, approved by the legislature back in 2013, will provide funding for the construction of 71 affordable units. Of those units, 16 will also provide supportive services.
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