New London affordable housing complex gets financial boost

The State Bond Commission at its Dec. 18 meeting approved a $4 million grant from the state Department of Housing that will help fund the first phase of a 64-unit complex under development by Eastern Connecticut Housing Opportunities, or ECHO. That grant, combined with funding from a variety of other sources, gets ECHO to the $7 million mark needed to start the project in the spring, ECHO Executive Director Peter Battles said. ECHO is a nonprofit housing development company that has been serving eastern Connecticut since 1989. The first phase includes six supportive units for individuals with developmental disabilities. Many units will be reserved for low-income tenants, those earning below the area household median income, or AMI, which is $91,400. Nine of the units are reserved for those at 25% of the AMI, 10 units for those at 50% of AMI and three units for those at 60% AMI. There will be six market-rate units.

https://www.theday.com/local-news/20201229/new-london-affordable-housing-complex-gets-financial-boost

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