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"I can't emphasize enough how critical this is. This action is pivotal to getting this started, and it was a very unusual move," New Milford Affordable Housing Partnership Chairman Brooks Temple said.
With this loan approved, Temple said his agency and its partners - the nonprofit New Milford Women's Institute for Housing and Economic Development and the National Equity Fund - will be able to finalize other financial arrangements it requires to break ground on Monday, allowing the partnership to meet federal low-income tax credit requirements to have this affordable family housing project completed by December 2008. The total project cost is estimated at $11 million.
With this loan approved, Temple said his agency and its partners - the nonprofit New Milford Women's Institute for Housing and Economic Development and the National Equity Fund - will be able to finalize other financial arrangements it requires to break ground on Monday, allowing the partnership to meet federal low-income tax credit requirements to have this affordable family housing project completed by December 2008. The total project cost is estimated at $11 million.
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