Innovative Project Aims for Affordable Home Ownership

"Construction is underway on a market-rate housing development in Hartford’s North End, one of several long-awaited projects helping to stabilize one of the poorest sections of the city," reports Rebecca Lurye.

The final phase of construction on the Brackett Knoll subdivision will add 14 income-restricted duplexes, according to Lurye, with an innovative business model. Qualifying residents were able to purchase the homes for a reduced price and will live in one unit while renting out the other.

"To quality for a home, a family must have a combined household income of $30,000-$60,000," reports Lurye. The homeowners are expected to "have about $2,000 in monthly home expenses — including mortgage, utilities, taxes and reserves — with rental income bringing that down to about $800."

"The three-bedroom, one-and-a-half bath units will have full basements, front porches and back decks, and the side-by-side units are slightly staggered to give residents more privacy when they spend time outside," adds Lurye.