In November 2021, Community Housing Capital provided a construction loan of $450,000 to Neighborhood Housing Services of New Britain (NHSNB). The loan will fund the simultaneous construction of three, affordable single-family homes just 2 miles east of downtown Bristol, Connecticut. In an area that has seen decreasing rates of homeownership in the last decade, the actual costs to build the 1,130 square foot homes are approximately $385,000 each.
To fill the substantial affordability gap, NHSNB put together various tax credits and grants that, along with CHC’s loan (funding up to 85% of construction costs), will allow an affordable $185,000 sale price to low-income households earning up to 50% of the area median income.
In November 2021, Community Housing Capital provided a construction loan of $450,000 to Neighborhood Housing Services of New Britain (NHSNB). The loan will fund the simultaneous construction of three, affordable single-family homes just 2 miles east of downtown Bristol, Connecticut. In an area that has seen decreasing rates of homeownership in the last decade, the actual costs to build the 1,130 square foot homes are approximately $385,000 each. To fill the substantial affordability gap, NHSNB put together various tax credits and grants that, along with CHC’s loan (funding up to 85% of construction costs), will allow an affordable $185,000 sale price to low-income households earning up to 50% of the area median income.