National Equity Fund, Inc. National Equity Fund, Inc.

Extraordinary things happen when you have great partners
Since 1987, National Equity Fund® has invested more than $13 billion revitalizing neighborhoods,
fostering economic growth and creating affordable sustainable housing.

Brytania Square

Brytania Square

Family Housing

Brytania Square and neighboring property, Industria Commons, once housed 849 apartments in New Britain, Connecticut, developed under a state rental housing program in the 1940’s/50’s. After many years, it became apparent that these two World War II era housing properties formerly known as Corbin and Pinnacle Heights needed sweeping changes and so a plan for a modern community was created.

Four of Brytania Square’s 12 two-story buildings were demolished and replaced with 14 apartments in seven new structures. The remaining eight buildings were completely gutted and rehabilitated, creating 52 apartments. The 62 three- and four four-bedroom apartments are affordable to families earning at or below 25-60 percent of Area Median Income. Eighteen units receive operating subsidies via the Department of Social Services Rental Assistance Program.

Third-party service provider, Tovah, assists residents in obtaining goals and achieving and maintaining successful residency. Annual assessments help develop a service plan for each household, which includes a customized combination of case management, education and employment, financial management and mental health services in addition to community building programs and initiatives.

National Equity Fund® invested $9.4 million of LIHTC equity in the Brytania Square portion through its proprietary fund with TD Bank, N.A. The development is the third partnership with sponsor, The Simon Konover Company.


Project Details

Completed
2014
Location
2300 Corbin Avenue
New Britain, CT
Project Type
Family
Total Units
66
Mix of Residences
62-3 br; 4-4 br
Limited Partnership
Pinnacle Heights Extension, LLC
Tax Credit Equity
$9.4 million
Total Project Costs
$19 million
Sponsor
The Simon Konover Company
Permanent Lenders
-Connecticut Housing Finance Authority
-State of Connecticut Department of Economic & Community Development
Awards
2015 Charles L. Edson
Tax Credit Excellence Award
Honorable Mention
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