Farmington will soon welcome a 91-unit apartment complex which will boost the town’s efforts to reach the state affordable housing requirements.
The development, which will go up on a 9-acre plot on New Britain Avenue, will consist of 33 one-bedroom apartments and 58 two-bedroom townhouses.
While 18 of the apartments will be market rate, all 91 will count toward the town’s affordable housing requirement with the state, Kyle Richards, executive vice president of Metro Realty, the firm developing the apartments, said.
“Providing housing for people and families of all incomes is critical to a dynamic and diverse town, but for the families a move to a high opportunity town like Farmington can truly be life changing,” Richards said.
The entirety of the project will qualify as assisted housing, by securing funding through the Connecticut Housing Finance Authority, state Department of Housing or with a low-income housing tax credit.
It will be the fourth fixed-rate housing complex in the town developed by Metro Realty.
Forty percent of the apartments will be for residents earning 50% of the Area Median Income (AMI). Twenty percent of the apartments will be for residents earning 30% AMI, 80% AMI and market rate.
About 3,000 households, or 28% of the town, meet the definition of low-income and make less than 80% AMI, according to the town’s affordable housing plan.
Farmington falls slightly below the state-mandated 10% affordable housing stock requirement.
As of 2019, 875 units, or 7.9% of Farmington’s total housing, were deemed affordable. With the additional 91 units on New Britain Avenue, the town would reach 8.64% affordable stock.
The complex is in the same neighborhood as several large corporations, including Mott, Stanley Black&Decker, and Connecticare.
Farmington needs to provide affordable rental options to entice large companies in town to stay, according to Richards.
“If we want to continue to allow these companies to grow and remain, we can’t rest on our laurels,” Richards said. “It’s imperative we provide these corporations with modern and affordable rental housing within proximity.”
The project was approved early this month by Farmington’s Planning and Zoning Commission. The New Britain Avenue development is expected to be ready in 2025.
