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191 Main St, Old Saybrook, CT 06475, USA

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HOPE announces Two Proposed Developments at Annual FRIENDraiser

April 12, 2018

Our sincere thanks to all who joined us at our annual Friendraiser at the Old Lyme Country Club! It was wonderful to see “old” friends and meet many new ones. With over 120 people in attendance, we shared HOPE’s mission and the progress we’ve made in the past year towards our goals.

 

 

As many may know, HOPE Partnership has been in the planning phase of two workforce housing developments in our community. We’re proud to announce that after working with stakeholders in both Essex & Old Lyme we are able to submit permit applications for both developments. (at right Tony Lyons, president, Board of Directors, addresses FRIENDraiser audience)

 

Our proposed new community in Old Lyme will be known as River Oak Commons 1 & 2 and is located at 16 Neck Road. The development will sit on a total of 6 acres, which consists of two separate lots, with 7 townhouse style buildings. The first lot will be comprised of 23 units of 1,2,3 bedrooms. The second lot will be comprised of 14 units of 1,2,3 bedrooms and a community building. During the past year we have worked with local architects, engineers and other professionals and completed numerous studies on the suitability of this property. Traffic, archaeological, historical, and environmental and market studies have indicated that this location is appropriate for this project.

 

 

Of the 37 total units, 29 will have rent set at affordable and determined by income and 8 will be set at the Fair Market Value rent.  The income limits for the affordable units are set by HUD and will serve a range of income limits, with households earning anywhere from 25% of the Area Median Income up to 60%. HUD’s guidelines (which are published annually) will set the maximum income a household can earn to be able to qualify for one of those units.

 

At this time, the development has been submitted for approval by the Town of Old Lyme Zoning Commission and a public hearing will be on May 14th at Old Lyme Town Hall.

 

Our project in the Town of Essex will be known as The Lofts at Spencer’s Corner. A three story, commercial condo complex in the village of Centerbrook, Spencer’s Corner has many vacancies which provided an opportunity for HOPE to work with unit owners. HOPE is proposing to renovate 12 existing condo units into 17 units of housing. Plans include 1,2, and 3 bedroom units on the second and third floors with the majority of the rents set as affordable on the sliding scale as set by HUD. Septic, environmental, marketing studies have all been completed on the site with favorable results. An application has been submitted to the zoning commission and a public hearing date has yet to be set.

 

HOPE Partnership is part of our community and in an effort to be transparent; we want to hear from that community. We would like to address any concerns or questions that may arise and welcome feedback.

 

Please contact us via email at Lauren@Hope-ct.org and we will do our best to answer them.

 

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