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.

Industria Commons

Industria Commons

Family Housing

Industria Commons and neighboring property, Brytania Square, 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.

Today, Industria Commons’ 55 two-story garden apartments house 43 one-,84 two-, 87 three- and 21 four-bedroom residences affordable to families with incomes between 25-60 percent of Area Median Income, and 82 units receive operating subsidies via the Department of Social Services Rental Assistance Program. All apartments feature a garbage disposal, microwave, blinds, ceiling fans, laundry hook-ups and storage.

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 $36.1 million of LIHTC equity in the Industria Commons portion, its second project with sponsor, The Simon Konover Company.


Project Details

Completed
2014
Location
2300 Corbin Avenue
New Britain, CT
Project Type
Family
Total Units
235
Mix of Residences
43-1 br; 84-2 br; 87-3 br; 21-4 br
Limited Partnership
Corbin Pinnacle, LLC
Tax Credit Equity
$36.1 million
Total Project Costs
$66.9 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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