Project Name:
Project Location:
Quinnipiac Terrace – Phase 3
Site bounded by Bailey, Peck and Front Streets
New Haven, CT 06513
(See attached site plan)
Project Description:
The City of New Haven along with the Housing Authority of New Haven (HANH) and Trinity
Financial, Inc. are pleased to present this proposal for a third phase of development
at Quinnipiac Terrace in New Haven, CT. Quinnipiac Terrace – Phase I, completed in June
2006, created 81-units of affordable rental housing. Phase 2, completed in May 2008,
added another 79 units as well as an 8,500 square foot community center. With this
third phase of redevelopment the transformation of Quinnipiac Terrace from a troubled
public housing development into a vibrant mixed-income community will be complete.
The aim of this third phase of redevelopment is to utilize two vacant parcels of land to create a
total of 60 units of housing. The housing will continue the tradition of attractive architecture and
high-quality construction established during the first two phases of development. In addition, the
Phase 3 development will create a truly mixed-income community by introducing for-sale
housing as well as rental units targeted towards working families.
The enclosed site plan details the location of the Phase 3 housing. The eastern portion of the
Phase 3 North parcel, with its picturesque views of the Quinnipiac River, will house 10 for-sale
units. This location maximizes the marketability of the home ownership housing. The
western portion of the Phase 3 North parcel will contain 11 units of rental housing. The Phase 3
South parcel will continue this pattern, locating 10 home ownership units on the eastern portion of
the parcel overlooking the river, and 29 rental units on the western portion. Completing the
development of these currently vacant parcels will further integrate the Quinnipiac Terrace
project into the existing neighborhood, creating a true sense of community.
Development Timetable:
We are moving on an aggressive schedule to reach a financial closing for the Phase 3 project by
the end of August 2009. The following are some key milestones that will need to be met in order
to maintain the closing schedule:
October 15, 2008
November 21, 2008
February 1, 2009
February 28, 2009
March 31, 2009 April
1, 2009
Commence development of architectural plans and specifications
Begin zoning approvals process
Issue construction bid documents
Final construction pricing
(No later than) Receive all zoning approvals
Submit application for LIHTC
July 15, 2009
August 1, 2009
August 31, 2009
September 1, 2009
Submit evidentiary documents to HUD
Finalize all financing
Financial closing
Construction start
Total Development Costs and Funding Sources:
A summary of the total projected development costs and sources of funds are shown below:
Uses of Funds
Total Development Costs
$25,064,991
Sources of Funds
HANH
Net Sales Proceeds
CHFA 1st Mortgage
Tax Credit Equity
City of New Haven
DECD Funds
Federal Home Loan Bank
Total Sources
$3,785,750
$3,360,000
$1,500,000
$13,519,241
$1,000,000
$1,600,000
$300,000
$25,064,991
The Housing Authority of the City of New Haven will provide approximately $3.8 million
of development financing. These funds will consist of a portion of the remaining HUD HOPE
VI grant, as well as other resources currently available to the Housing Authority.
The City of New Haven will provide $1 million of development financing.
From the Connecticut Housing Finance Agency we are seeking the following resources:

$3,360,000 of construction period financing. The source of repayment for this
construction loan will be the net sales proceeds realized from the sale of the home
ownership housing.

$1,500,000 of First Mortgage financing. This first mortgage loan will be supported by the
operations of the rental housing.

$1.53 million allocation of 9% Low Income Housing Tax Credits projected to generate
approximately $13.5 million in private equity.
We will be seeking $300,000 from the Federal Home Loan Bank through its Affordable Housing
Program (AHP).
From the State of Connecticut Department of Economic and Community Development we are
seeking $1.6 million of affordable housing resources that will be used to fund construction costs
for the Phase 3 project. We will be seeking assistance under DECD programs such as the
Housing Trust Fund, FLEX Affordable Housing Program and/or HOME Program.
Targeted Income Population:
The Phase 3 development will consist of both a rental component and a home ownership
component as shown below:
Phase 3
Rental
Income Category (as Percentage ofArea
Median Income)
30% – 60% w/ PB Section 8
50% – 60% L1HTC
Market Rate / CHFA Qualified
Total
# of units
Phase 3
Home Ownershi
# of units
10
-
30
-
-
20
40
20
As noted above, the Housing Authority will provide Project Based Section 8 subsidies to support
the operations of 10 of the rental units. These units will be targeted to upwardly mobile, public
housing eligible families earning more than 30% of area median income. The remaining 30 rental
units will be unsubsidized rentals targeted towards working families. The rental units are a mix
of one-bedroom (9), two-bedroom (8) and three-bedroom (23) units.
The rental component will be managed by WinnResidential as p art of the larger
Quinnipiac Terrace development.
The 20 home ownership units are a mix of two-bedroom and three-bedroom units. The final
distribution between two- and three-bedroom home ownership units is to be determined
based upon market considerations. The current thinking is that these units would be
unrestricted, market rate for-sale units. We are projecting a net average sales price of
approximately $168,000 per unit based on current market conditions. We are also working with
the Connecticut Housing Finance Agency to make some or all of these units available under
the various CHFA homebuyer assistance programs including, but not limited to, the Homebuyer
Mortgage Program, Police and Teachers Homeownership Programs, or the SmartMove
Homeownership Program.
Development Team:
Trinity Financial has assembled a highly qualified development team to implement the Phase 3
redevelopment plan:
Developer:
Trinity Financial, Inc.
Architect:
ICON Architecture
Management Agent:
WinnResidential
Lead Counsel:
Wilmer Cutler Pickering Hale and Dorr
Local Counsel / Permitting:
Brenner, Saltzman & Wallman
Accountant:
The Reznick Group
This development team successfully completed both the Quinnipiac Terrace Phase 1 and Phase 2
projects.