The Village at Killingly is located in Connecticut’s “Quiet Corner” and is home to 116 families with income at or below sixty percent of the area median. The Village includes one- to three-bedroom apartments as well as a community room and play area. The property is owned and managed by The Caleb Foundation, which has staff on-site who provide property management and resident services.
The family that originally built this complex decided that it no longer wanted to own housing. The only way to keep the Village apartments affordable was to find a new owner committed to preserving these homes, both to rehabilitate the aging buildings and keep them affordable well into the future.
Housing Connections staff worked to recruit a new owner and then provided both technical and financial assistance to The Caleb Foundation to make the preservation possible. Caleb purchased and revitalized the property and extended its affordability guarantees for another thirty years.
The total development cost was $11.4 million. The revitalization leveraged funds from multiple sources including Local Initiatives Support Corporation, National Equity Fund, Connecticut Housing Finance Authority, Connecticut Department of Economic and Community Development, and private investors. Beyond saving homes, this investment generated local economic activity, including an estimated 89 jobs created.