NEW HAVEN CELEBRATES SUCCESSFUL ACCOMPLISHMENTS MADE POSSIBLE BY $7 MILLION SPECIAL ACT ALLOCATION
(12/10/2007) NEW HAVEN- At a media event today, Mayor John DeStefano, Jr. discussed the impact of a $7 million Special Act Allocation provided by the State in 2002. In combination with private and public funds, the $7 million have led to the successful completion of 26 projects in the City of New Haven. DeStefano was joined by Connecticut Department of Economic and Community Development Commissioner Joan McDonald, City leaders, neighborhood partners and families who have benefited from the Special Act funded projects as he announced that 321 housing units were developed in large part due to this funding. Of these 321 units, 201 were for homeownership and 120 became rental units.
The $7 million investment by the State leveraged seven times that amount in private and other public monies to make these 26 projects possible. The total cost for all 26 projects came to $59,549,302. After applying the $7 million Special Act allocation, the remaining $52,549,302 came in the form of private and public dollars. Further, as a result of these 26 projects, owners of adjacent properties invested $6 million in improving their businesses and homes resulting in positive neighborhood-wide impacts.
At today’s event, Mayor DeStefano acknowledged the families that benefited from the 26 projects. “One of the most important priorities for families is living somewhere safe and healthy where they can raise their children, somewhere they can really call home,” said DeStefano. “Thanks to the Special Act Allocation, the contributions of private and public sources and the hard work of our partners, we’ve been able to make this possible for more than 300 New Haven families.”
Aside from the significant number of housing units funded by the Special Act, over 100 new jobs were created for New Haven residents resulting in more than $500,000 in wages.
"The Citywide Revitalization Initiative is a success for many reasons. First and foremost it has created 321 units of housing throughout New Haven, which is a key component to our ongoing efforts to support and strengthen urban neighborhoods. The state's $7 million investment in the initiative has also leveraged over $52 million in private financing, created jobs, and maybe most of important of all, spurred additional indirect development nearby," said McDonald. "We feel this partnership with the city and the many community partners that have contributed their time and effort is a model for other cities to follow."
Community partners played a significant role in the successful completion of the 26 projects including: Neighborhood Housing Services, Corporation for Urban Homeownership, Greater New Haven Community Loan Fund and Elm City Congregations Organized, Hill Development and Neighborworks New Horizons (aka Mutual Housing), Habitat for Humanity, Beulah Land Development.
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