AFFORDABLE FOURPLEX DEVELOPMENT (PARCEL NO. 56-B-326)
- Address: 0 Hazelwood Avenue (Parcel No. 56-B-326)
- Applicant: City of Bridges Community Land Trust
- End Use: Affordable Fourplex Development
CBCLT will construct a 4-unit quadplex on the site. All 4 units will be affordable to households at or below 80% of area median income (AMI). 2 of the 4 units will be one bedroom, one-bathroom accessible units on the first floor of the building. The remaining 2 units would be 3-bedroom, 1.5-bathroom units located on the second and third floors of the
building.
CBCLT will retain ownership of the land and sell the homes above to an income qualified household with a 99-year ground lease to ensure the homes stay permanently affordable. CBCLT will be using New Markets Tax Credits to help finance the transaction, along with state, local and philanthropic sources.
PLB Board approved the sale of this property at the October public meeting (Friday, October 13, 2023)