Working in tourist-heavy southeastern Connecticut, NeighborWorks New Horizons (NWNH) strives to provide affordable housing in a community with predominantly low-wage service-sector jobs. Through the Spruce Meadows and Spruce Ridge developments financed by Partners for the Common Good and NeighborWorks Capital, NWNH will add 86 units of quality housing for these low-income workers and their families.
Together, the two LIHTC developments will provide 22 units for residents earning 25% AMI, 38 units for those earning 50% AMI, six units for 60% AMI residents, and twenty units rented at market rates. Furthermore, four of the extremely low-income units will be reserved for formerly homeless individuals and families through the Stonington Department of Social Services, which will also provide supportive services. In addition to new housing, Spruce Meadows will feature a community center and playground for residents.
Current affordable housing developments in a five-mile radius of the project have no vacancies and waiting lists of three months or longer, indicating the high demand for affordable housing in the area. With deed-restricted affordability for the next forty years, this $7,990,000 loan from PCG and NeighborWorks Capital will alleviate the housing struggle for over sixty low-income Stonington families for years to come.