Revitalizing History: WNC & Associates and WinnDevelopment Partner to Transform Hartford’s Bedford Gardens

As a proud partner in the redevelopment of the historic Clay Arsenal neighborhood in Hartford, Connecticut, WNC & Associates is excited to share the transformative efforts underway in collaboration with WinnDevelopment.?

This $18.7 million initiative aims to revitalize the longstanding Bedford Gardens Apartment community, ensuring it continues to provide affordable, quality housing for generations to come.?

The complex, 84 apartments spread across ten three-story residential buildings, has served as naturally occurring affordable housing since its construction in the 1920s. This project is not just about maintaining its long-standing affordability, but elevating the living standards for current and future residents.

Preserving History While Enhancing Livability

Our joint effort with WinnDevelopment seeks not only to preserve the historical essence of Bedford Gardens, but also to enhance its livability and functionality. Comprehensive renovations planned for the property include:

• Upgraded brick exteriors to restore the historic fa?ade.
• Installation of new roofs, balconies, and windows.
• Modern HVAC systems for improved energy efficiency and comfort.
• New kitchen cabinets, appliances, and bathroom fixtures.
• Enhanced security features to ensure resident safety.
• Addition of on-site laundry facilities and a property management office.
• Creation of nine fully handicap-accessible units, promoting inclusivity.

The acquisition and rehabilitation projects will ensure long-term, deed-restricted affordability through the Low-Income Housing Tax Credit (LIHTC) program for residents earning at or below 60% of Area Median Income (AMI).

Twenty-five (25) apartments are also subsidized by project-based vouchers through a Housing Assistance Payment contract with the City of Hartford through the U.S, Department of Housing & Urban Development.

Collaborative Financing for Community Impact

As the LIHTC and Federal Historic Tax Credit (HTC) syndicator, WNC & Associates will be the project’s equity provider.

The Connecticut Housing Finance Authority (CHFA) is providing Tax-Exempt Bond financing along with a construction and permanent mortgage, supplemented by a soft loan from their Opportunity Fund program. The Connecticut Department of Housing (DOH) is contributing a soft subsidy from its Flex program, while the Capital Region Development Authority (CRDA) is offering a soft loan.

In addition to LIHTC and Federal Historic Tax credits provided by WNC & Associates, the project benefits from federal and state historic tax credits from the U.S. National Park Service and the Connecticut State Historic Preservation Office (SHPO). Eversource will be purchasing the State HTC, with BlueHub Capital serving as its financing partner, and energy incentive funding will be provided by the Connecticut Natural Gas Corporation through the Connecticut Energy Efficiency Fund.

The renovation project is expected in June 2025, culminating in the renaming of the multifamily complex to “Claystone Commons” located within the new Bedford Garden Streets Historic District and preserved through its placement on the National Register of Historic Places.

"At WNC & Associates, we are committed to fostering vibrant, affordable communities through strategic investments and partnerships,' says Anil Advani, Executive Vice President - Originations and Finance, at WNC & Associates. Through our role as a tax credit provider for Bedford Gardens, we are proud to help preserve affordability in the Hartford area."