Projected costs of a pending redevelopment of the Martin Luther King affordable housing complex into a mixed-income community have jumped from $50 million to $62.7 million in a little more than a year. Project organizers blame inflation and rising interest rates, which have forced adjustments to the number of units and ratio of affordable to market rate apartments. The project’s financing plan includes $5.8 million from Hartford and the Capital Region Development Authority, along with a $29.7 million mortgage. The remainder would be drawn from low-income housing tax credits, state housing funds, U.S. Department of Housing and Urban Development funds and deferred development fees. Despite setbacks, Sheldon Oak Executive Director Emily Wolfe said the project is nearly ready to launch, with designs 90% complete and financing lining up. She expects to begin demolition in October with the relocation of the last remaining tenants. She also plans to release construction bid documents that month. Wolfe anticipates demolition beginning in the first quarter of 2023.
https://www.hartfordbusiness.com/article/projected-price-tag-for-redevelopment-of-hartfords-martin-luther-king-apartments-jumps-127m