Congratulations to Mutual Housing Association of Greater Hartford, Inc. (MHAGH) on the grand opening of Ribbon Row Mutual Housing. Along with preserving 88 units of affordable housing, Ribbon Row is also a historic preservation project that blends energy efficiency improvements to reduce utility costs and improve sustainability. It is a transit-oriented development within walking distance of bus service and commuter train stations, and increased lighting, new fencing and additional landscaping all improve resident safety and enjoyment.
MHAGH’s affordable real estate development history began in 1989 when they acquired their first property in Hartford’s Frog Hollow neighborhood and renovated it as the first mutual housing project in Connecticut. Since then, they’ve grown from one staff person to a team of 24 and have gone on to acquire and develop 15 more properties in Hartford, Glastonbury, Manchester, New Britain, Simsbury, and Windsor Locks, creating 593 units of affordable housing in the area.
In addition to new construction, MHAGH converts vacant public and commercial buildings to housing, including complex historic renovations. They have been recognized by the Connecticut Trust for Historic Preservation and the Hartford Preservation Alliance for their sensitivity to design and compatibility with the surrounding neighborhoods. MHAGH properties, while affordable, are also aesthetically pleasing and enhance the neighborhoods in which they are located.
The new $900,000 bridge loan NeighborWorks Capital has extended to MAGHA will allow them to bridge their final equity investment payment, complete payments to the general contractor, and pay off another existing loan, bringing Ribbon Row Mutual Housing from conception to completion! We’re proud to support the work of MHA of Greater Hartford by funding several early-stage developments, including Ribbon Row. Since 2013, NeighborWorks Capital has made 10 loans to MHAGH to support their work to prevent and eliminate neighborhood deterioration through the provision of affordable, long-term housing to low and moderate-income families. Thank you for your continued partnership, and congratulations on this important project!
Learn more about NeighborWorks Capital’s competitively priced, fixed-rate loan capital that is available to members of the NeighborWorks network. Visit our lending solutions page for more information.