NeighborWorks Capital is pleased to extend a $400,000 predevelopment loan to Mutual Housing Association of Greater Hartford for Barbour Street Development to be built in the Northeast Neighborhood of Hartford, CT. This new construction development will provide 60 affordable rental housing units and 8,700 square feet of commercial space across multiple buildings.
The Barbour Street Development will offer investment in both affordable housing and commercial development in a neighborhood with a high unemployment rate (17%). The project will directly serve the community by incorporating a childcare center, along with retail space for a childcare incubator to support local entrepreneurs. The development will offer a mix of market rate and income restricted units.
Mutual Housing Association of Greater Hartford was founded in 1988 when NeighborWorks America brought together representatives of Hartford’s corporate, resident, and public sectors to address the lack of permanently affordable housing in the region. At the time, the city of Hartford had few vacant apartments, and many families were being displaced from their homes due to large-scale conversions to condominiums. For over three decades, the organization has provided new housing opportunities and preserved hundreds of existing affordable apartments. Today, they provide housing for almost 500 households in six towns in Greater Hartford. In addition to affordable real estate development, the organization provides financial education courses and homeownership counseling.
This is the 13th loan NeighborWorks Capital has extended to Mutual Housing Association of Greater Hartford since 2004, and we are excited to continue to support their mission to create communities of opportunity by developing and managing high-quality affordable housing while engaging residents in educational and leadership opportunities.
