NORWALK, Conn. — Cedar Court Apartments, a senior affordable housing community in Norwalk, has received a big boost as it prepares to begin extensive renovations.
KeyBank Real Estate Capital has provided $12.4 million in Federal Housing Administration financing for the apartments.
The 91-unit property will designate at least 40 percent of its units for tenants earning below 60 percent of the area's median income.
In addition, the property will benefit from a Section 8 Housing Assistance Payments contract that will provide subsidized rents for 45 units.
Jeff Rodman of Key’s Commercial Mortgage Group and Kelly Frank of Key’s Community Development Lending and Investment group arranged the construction financing, which will be used to substantially rehabilitate the property.