NeighborWorks Capital is pleased to extend an $882,400 predevelopment loan to Mutual Housing Association of Greater Hartford for Zion Crossing, a proposed 95-unit scattered site affordable apartment development located in Hartford, CT. Zion Crossing will include units in 22 existing buildings within a ½ mile radius. Brick Hollow Apartments is a 50-unit apartment complex, Zion Street Mutual Housing has 24 apartments, and seven smaller properties will comprise 21 additional apartments.
MHA-GH 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, MHA-GH has provided new housing opportunities and preserved hundreds of existing affordable apartments. Today, MHA-GH provides housing for almost five hundred 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 sixth loan NeighborWorks Capital has extended to Mutual Housing Association of Greater Hartford, 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.
