The New Canaan Housing Authority is working to acquire Avalon New Canaan, a 104-unit apartment complex, in a $70 million deal aimed at enhancing the town’s affordable housing strategy. Although most units will remain market-rate due to debt financing requirements, the purchase offers strategic benefits, including future flexibility in affordable housing compliance and potential leverage in navigating state mandates. The plan involves borrowing funds, with the town backing a $4 million line of credit. While this acquisition is a step forward, it’s not a complete solution to the town’s housing challenges. For a detailed breakdown and further insights, read John Engel’s full story in our Real Estate Section.
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