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ORDER OF THE NEW HAVEN BOARD OF ALDERS APPROVING AN APPLICATION FROM MARY FUND, INC., FOR AN AFFORDABLE HOUSING PROJECT AT WINCHESTER LOFT APARTMENTS, LOCATED AT 275 WINCHESTER AVE., NEW HAVEN, CT 06511.
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WHEREAS: the Winchester Lofts Apartments, located at 275 Winchester Avenue, is an existing building; and
WHEREAS: the Winchester Lofts Apartments is being converted into 120 affordable and 39 market rate units: and
WHEREAS: the Mary Fund Inc., and the City have agreed to enter into a seventeen (17) year agreement; and
WHEREAS: the Mary Fund Inc., will pay a tax amount for the affordable units of $2,000 per year/per unit and beginning in year 2 and will pay an escalation of 3% additional each year for the remainder of the 17-year agreement; and
WHEREAS: the Mary Inc., does not currently own the property located at 275 Winchester Avenue, but expects to close on the property by December 31, 2025.
NOW, THEREFORE, BE IT ORDERED, that the property located at 275 Winchester Avenue be deemed to be owned by the Mary Fund Inc., for the purposes of the October 1, 2025 Grand List and that the Mary Fund Inc., purchase the property no later than December 31, 2025.
BE IT FURTHER ORDERED that the Board of Alders hereby authorizes the Mayor of the City of New Haven to execute and deliver all such documentation on behalf of the City.