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News : Real Estate Jul 23, 2013 - 5:34:33 AM


Citi grant supports transit oriented development in Fairfield County

By New Neighborhoods, Inc. (NNI)





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Stamford, CT - A $30,000 grant from Citi Community Development will make it possible for New Neighborhoods, Inc. (NNI), to evaluate sites along Metro North rail corridor in communities such as Bridgeport, Fairfield, Stamford and Stratford for possible new transit-oriented housing development for low-and-moderate income residents.

Four of the most promising locations were selected for further evaluation from among more than 30 identified in 2012 with funding from a separate $30,000 Citi Foundation grant. As Fairfield County’s oldest active nonprofit housing developer and manager, NNI has developed nearly 600 units of high-quality affordable rental and ownership family and senior housing since 1967. Included in that number are more than 425 rental units in 10 properties in Stamford, Danbury and Norwalk.

“We are grateful to Citi not only for financial support, but for its ongoing advocacy of affordable housing as a driver of economically healthy and vibrant communities,” said Ross Burkhardt, president and CEO of Stamford-based NNI. NNI is focused on developing green-built, energy efficient housing near jobs, schools, and basic services, to help meet the demand by low and moderate income families for decent ownership and rental housing with their means.

Governor Dannel P. Malloy underscored the importance of increasing the availability of affordable housing. When signing new legislation increasing Connecticut’s commitment to affordable housing in June, he said “When we invest in housing, we invest in people, communities and our economic future . . . Every dollar spent on affordable housing generates multiple times that amount in private economic opportunity. It is the smart thing to do for our future.”

“It’s important that we support affordable housing efforts in Fairfield County, one of the most expensive housing markets in the entire country,” said Lily Lopez, Connecticut State Director of Citi Community Development. “Transit-oriented development helps to sustain economic development in neighborhoods where residents can thrive.”

NNI is celebrating its 46th year of developing and managing quality housing that has made it possible for generations of low-and-moderate income families to move up and for seniors to remain in the communities where they have lived and raised their families.

For more information on the status and importance of building and preserving affordable housing in Fairfield County, visit www.nnistamford.org.




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