Commitment to Affordable Housing
In 2007, the City of Bridgeport commissioned a study to evaluate the city’s housing market and to create a housing policy for the city. After extensive interviews, data collection and analysis, the study prepared by czb, LLC, made specific suggestions to the City on how to respond to its housing challenges. Among these, czb suggested that, “…What Bridgeport must do is address the existing needs of low-income residents AND distressed neighborhoods…protect affordability AND build on its assets – affordability, urban fabric, historic character – to create neighborhoods of choice for working and middle income households who may find in Bridgeport a compelling mix of urban living and affordability.”
How CommCap assists in the preservation and development of affordable housing:
- At $845 for a typical 2-bedroom apartment and $1,070 for a 3-bedroom, CommCap financed units priced below market, well maintained and affordable to Bridgeport’s moderate income families
- Properties must meet CommCap construction, rehabilitation and management requirements and general specifications that reflect CommCap’s commitment to safe & attractive housing
- A maintenance reserve including taxes, insurance, WPCA and 2.5% of gross rental income is built into escrow for maintenance and repairs.