By LISA CAPOBIANCOSTAFF WRITER Renaissance Downtowns is working on a financial package that will move the long-awaited Depot Square project forward. During a Bristol Downtown Development Corporation meeting held last Monday, project manager Ryan Porter shared an alternative financing method to pay for Building B. In an effort not to request millions of dollars from the city, Renaissance has considered using CHAMP Gap financing, a multi-family housing assistance program that provides up to $5 million in low interest financing for mixed income and workforce housing developments. Renaissance plans to apply for funding in June, and expects to hear back from the state in September. Awarded through the Connecticut Department of Housing, CHAMP offers housing to working professionals who earn 80 to 120 percent of Hartford County’s median income. These incomes for a single person range from $44,000 a year to $72,000 a year. Bristol’s average median income is lower than the West Hartford/Hartford County numbers, said Porter. “This brings the income requirement numbers higher than they would normally be,” said Porter. John Lodovico, a BDDC member, said the move shows “the most progress” the city has seen “in a long time” with the project. In January, the City Council and […]
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