BILLINGS FORGE APARTMENTS
Billings Forge Apartments in Hartford, CT has won a 2018 Charles L. Edson Tax Credit Excellence Award in the HUD Property Preservation category.
The evolution of Billings Force Apartments, located in Hartford, Connecticut, is a Housing Credit success story, a historic preservation success story, and an example of how a building and the people who give it life can reinvent themselves in response to changing circumstances and needs.
The developers, Preservation of Affordable Housing, Inc., convened a proven design/construction team and assembled a blend of financing resources featuring tax-exempt bonds from the Connecticut Housing Finance Authority, 4 percent Housing Credits syndicated by the Massachusetts Housing Investment Corporation, Federal Historic Tax Credits, State Historic Tax Credits, and a subordinate soft loan from the Connecticut Department of Housing to support the redevelopment of Billings Forge. The Melville Trust also provided substantial seller financing. POAH also negotiated a partial real estate tax abatement with the City of Hartford which bolstered loan underwriting and providing much-needed operational buffering and predictability. Preserving Billings Forge in the affordable rental housing stock provides 113 units of critically needed housing.
The investment in Billings Forge has not been limited to building improvements. POAH and its affiliated management agency, POAH Communities, committed to an annual $75,000 resident services budget. Programs supported by this commitment include, financial literacy programs, programs designed to help connect residents with employment opportunities, healthcare and nutritional resources, and general trouble-shooting programs such as help with paperwork and resolving minor issues. Partnered with the Melville Charitable Trust, POAH and POAH Communities have also introduced the Family Self-Sufficiency program through which participating residents are encouraged to save, providing a mechanism for economic stability.
Billings Forge Apartments is a dynamic fusion of past and present, thoughtfully preserving and showcasing its heritage while providing modern and comfortable homes along with a range of activities which draw people from around the city and the region. Billings Forge exemplifies the appropriate adaptation of an industrial complex from Connecticut’s past to meet the needs of today.