Affordable Home Ownership
CIL is proud to work with communities to redevelop foreclosed and abandoned properties for purchase by low and moderate income homebuyers. Projects range from the moderate renovation of single-family homes to the substantial rehabilitation of historic properties. These projects contribute to the stabilization and revitalization of urban neighborhoods by eliminating blight and creating new housing opportunities for families looking to become owner occupants.
For example, built on the grounds of the historic former Capewell Manufacturing Company horseshoe nail factory in Hartford, Capewell Townhomes has units with prices ranging from $154,000 to $175,000 for income-eligible homebuyers. Each unit has central air conditioning, a full basement and attic, a two-car garage, spacious kitchen and bathrooms and energy-efficient appliances.
CIL has made extensive use of state historic tax credit programs in its restoration of blighted properties with architectural significance. It also took a leading role in Connecticut’s implementation of the Neighborhood Stabilization Program (NSP). An allocation of $25 million was made to the state for the redevelopment of foreclosed and abandoned properties for use by low and moderate income homeowners and renters. CIL has received approximately $4 million of this allocation and has completed 25 properties in Hartford, Meriden, and New Haven.