Sharon Ridge is an affordable rental housing complex in Sharon, CT, for families, individuals and seniors. The Sharon Housing Authority (SHA) recently expanded this 20-unit community to 32 by adding 12 units consisting of three new buildings with four apartments each. To create a project of this size, it was extremely important to demonstrate a real need for affordable housing and to have local community and government support.
Development costs were approximately $4 million. The land was already owned by the SHA and zoned for additional building lots, simplifying the process enormously. Government funds for a project of this size were essential to ensure a financially feasible project. The SHA received a grant of over $3 million from the State of Connecticut. In addition, the SHA obtained a $1 million 30-year loan (3.5% annual interest rate) from the United States Department of Agriculture (USDA) Rural Housing Program. Of paramount importance was the USDA providing annual rental subsidies for the new units, making them even more affordable. Obtaining this level of funding was significantly aided by having existing well-managed affordable housing units, owning the land needed for the buildings, having current well capacity for additional units and being on town sewer.
Leslie Higgins Biddle from the Local Initiative Support Corporation and Katy Shafer (now at the Partnership for Strong Communities) and Ellen Flanagan from the Women’s Institute for Housing and Economic Development guided the SHA through this project. Their knowledge and expertise of the technical, financial, political and rural environmental issues were critical to this project’s success.
Tenant applications can be managed in two ways based on government requirements - a lottery system based on date of application or a point system giving additional points to potential tenants who live and/or work in the town. It is up to a housing authority to determine which method to utilize. In either case, tenants become members of the community and help support the local economy.
This article was published in The Lakeville Journal on 3/10/16.