Project Funding

Colonial Village Revitalization Phase I will involve the substantial rehabilitation of all 200 multifamily apartments located within 46 buildings on a 25.7 acre site in Norwalk, CT. The development has deferred capital needs that will be addressed as well as exterior work and interior updates needed to modernize the units from their 1950s construction-style. Norwalk Housing Authority intends to transform the project while keeping it in the Section 8 multifamily program. The development is currently owned and operated by the Norwalk Housing Authority, who will also be the primary developer of the subject development.

Total estimated development costs are approximately $34,041,806. Project financing will consist of a construction/permanent loan amount of approximately $14,230,000 and NHA project reserves. A 24-month construction schedule is anticipated, with an approximate commencement of September/October 2020.

Sources

Permanent Debt:	$14,230,000
NHA Reserves:	$18,180,929
Construction Period Income:	$800,211
Utility Rebates:	$500,000
Total Sources of Funds:	$34,041,806

Uses

	Amount	Amount/Unit	% Total Dev Cost
Construction Type:	Substantial Rehab
Construction/Rehab Costs:	$28,350,799	$141,754	83.28%
Professional Fees & Other Soft Costs:	$2,929,207	$14,646	8.60%
Financing Costs:	$1,298,800	$6,494	3.82%
Start‐Up Costs, Reserves & Escrows:	$1,463,000	$7,315	4.30%
Total Dev Cost:	$34,041,806