CHFA in Your Town: Simsbury
Finding Balance between Affordability and Accessibility
Addressing the shortage of affordable housing requires more than just consideration for the financial constraints facing many Connecticut residents. It also considers physical accessibility issues that prohibit many low- and moderate-income households from achieving a basic standard of living. A CHFA-financed development in Simsbury offers a bold new approach to finding the balance between affordability and accessibility.
Opened for occupancy in 2015, Ojakian Commons is home to people who receive services from the Connecticut chapter of the National Multiple Sclerosis Society or from other local providers. Residents enjoy barrier-free, independent living in apartments that have been constructed to exceed ADA requirements. Funded with 9% Low-Income Housing Tax Credit proceeds and taxable bond funds from CHFA, Ojakian Commons consists of 38 one-bedroom and 10 two-bedroom units, a community room, library and fully-accessible garden area. Rents are set based on area-median incomes, with a majority of rents being affordable at 50% of AMI.
For more information about this property, visit OJCommons.com.
For more information about CHFA’s tax credit and financing programs, visit chfa.org.