The State Bond Commission today approved $21.6 million in funding for the development of 777 Main Street in downtown Hartford into mixed-income apartments.
Developer Bruce Becker envisions redeveloping the 26-story, former Bank of America building — opposite the Old State House — into studio, one- and two bedroom apartment units with retail space at street-level.
The funding is supplied by both the Capital Region Development Authority and the Department of Economic and Community Development, as well as a $3.9 million bond allocation. From the State Bond Commission agenda:
Capital Region Development Authority funding consists of a $10,200,000 loan for 40 years at 0.5% interest with payments deferred until maturity combined with a $7,500,000 grant. Department of Economic and Community Development funding consists of a $3,907,234 loan for 40 years at 0.5% interest with payments deferred until maturity.
Funds are requested as follows:
Total Estimated Project Cost $78,099,105
Less: CT Housing Tax Credits 4,500,000
Federal Funds 37,614,245
Federal Low Income Housing Tax Credits 14,377,626
State Loan, This Request $21,607,234