New London Receives Funding for Development ProjectJune 26, 2019
I am pleased to announce that New London has received a grant that will be used to develop 25 units at City Flats.
Bringing more affordable housing to New London residents is important to continue investing in the revitalization of our historic downtown area.
New London has received a grant of $1,300,000 to assist with the second phase of the project that includes building two family dwelling apartments.
The approval of funds will allow stronger neighborhoods to be built while giving builders a source of revenue. In previous years, DOH partnered with a private developer to help revitalize a section of our historic downtown to bring more affordable housing for our residents. But now the change from the first phase is that the City of New London will be managing the 1.3 Million grant and work with ECHO on processing potential homebuyers.
This program will also provide down payment assistance.
Thank the State Bond Commission and Governor Lamont for investing in our community.