July 31--SEYMOUR -- A project slated to bring 26 affordable senior housing apartments downtown recently received a financial shot in the arm from the state.
The State Bond Commission last week approved a low-interest loan for the construction of the apartments at 38 Columbus St. According to a press release from state Rep. Theresa Conroy, D-Seymour, the $4.95 million loan, with a one percent interest rate, will enable payments to be deferred for the first 15 years of the 40-year term.
"This project will be a piece of continuing to revitalize downtown Seymour," Conroy said. "Having people move into a downtown area will not only give them close resources, but will also help local businesses. I envision further projects that will expand the mix to include young adults and couples as the town and state work together to help make Seymour a local and transit oriented district."
Local architect Joseph Migani of Seymour-based O'Riordan Migani Architects is the developer behind the $5.9 million building project. Migani was previously tapped by the state Department of Housing to receive a $250,000 loan under its Predevelopment Cost Revolving Loan Program.
The 26 proposed apartments are part of the second phase of Migani's existing senior apartment complex at 16 Bank St., which was built in the 2008 in the former Eckhardt Furniture building. Migani received local approvals last year to build Phase II which calls for construction of a five-story building at 38 Columbus St. housing 26, handicapped-accessible, one-bedroom elderly apartments, a community room, elevator and 15 onsite parking spaces.
"This is the second phase of the project right in the heart of downtown Seymour," Conroy said. "Seymour is committed to being a livable community for all its residents. Residents will have the option of walking to stores, restaurants and other services."
Migani said the proposed apartments will help fill a continuing need for senior housing in town. He said the Seymour Housing Authority, which manages about 120 senior apartments in town along with nearly 60 assisted living units, and Migani's 12 apartments on Bank Street, will also manage the proposed apartments.
Migani had said he anticipates construction on the new complex will take about three to five years to complete. A start date for the project was not immediately available Wednesday.
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