Metro Green III Construction Loan

April 7, 2015

The CT Department of Housing will provide a loan of up to $5 million to assist in the construction of the 155-unit Metro Green III project in the heart of Stamford's downtown south end. This is the third phase of the Metro Green transit-oriented mixed income community.

Metro Green III is a key initiative of the Stamford 2030 District, a community of high-efficiency buildings in Downtown Stamford that aims to dramatically reduce energy and water consumption and reduce emissions from transportation. The project consists of the new construction of two buildings with a diverse mix of studio, one- and two-bedroom units.

Of the 155 units, 73 will be affordable; serving 50% to 60% of the area median income and 82 will be market rate. Metro Green III was designed to exceed Enterprise Green Communities Guidelines and will be seeking LEED for Homes Gold certification.

Public amenities include a public plaza and streetscape and private courtyard with a dog play area, playground, and a community garden.

The parking lot will feature a 100,000 gallon rainwater harvesting system that will irrigate the entire Metro Green Residential site.

The project is leveraging more than $10 million in 4% low income housing tax credit net proceeds and approximately $38 million in non-state resources.