The housing will have a feature that’s rare in the affordable housing market: the chance for people with below-average incomes to own rather than rent.
It’s Madsen Acres, West Hartford’s newly approved condominium plan in the Elmwood section,
Honeycomb Real Estate’s plan is to sell the 54 condos to individuals or families making no more than either 60% or 80% of the area’s median income.
At the 60% level, that would mean one-bedroom condos selling for $150,000 and two-bedroom units priced at $220,000. Those eligible to buy would be individuals earning up to $53,220 or two people making no more than $60,780.
At the 80% level, one-bedroom units would be priced at $180,000 and two-bedroom models would go for $250,000. The income caps would be $70,960 for individuals and $81,040 for two people.
All of those figures are based on current state and federal guidelines, and will almost certainly change by the time the project is built.
West Hartford has approved construction of more than 250 new affordably priced apartments in the past two years; the Madsen Acres project pushes the total of new affordable units over the 300 mark, but with the difference that these will be owner-occupied.
In presenting Honeycomb’s application to the town council two weeks ago, attorney Hope Pearson said that feature helps the town meet its long-term planning goal of balancing rental and owner-occupied housing.
“There has been a significant increase in the number of new rental unit developments in town, either as new construction or redevelopment of existing structures,” she wrote in a letter to councilors. “We are aware of only a limited number of recently approved for-sale units but these are targeted for a much higher income market.
“Honeycomb’s proposal is unique in that all 54 proposed homes will be price-restricted,” she wrote.
Mayor Shari Cantor agreed when the council deliberated on the proposal Jan. 27.
“You are developing a community, you’re developing a neighborhood, you’re giving people the opportunity to become homeowners when they probably couldn’t otherwise do that,” Cantor said. “That benefit is going to far outlast all of us.”
West Hartford’s town council, which also serves as its zoning board, unanimously approved the proposal after several members praised Honeycomb for its recent work building The Camelot.
That complex of affordably priced apartments on Farmington Avenue near the town center involved Honeycomb acquiring two problematic properties, the West Hartford Inn and the vacant building that housed the problem-plagued Los Imperios restaurant and bar. With a mix of renovation and new construction, Honeycomb created 44 one- and two-bedroom apartments on the site.
Madsen Acres will be dependent on Honeycomb landing state Department of Housing aid. In the past two years, the DOH and Gov. Ned Lamont’s administration have cited West Hartford as an example of a community helping resolve Connecticut’s housing crisis as well as the severe shortage of affordable housing.
Honeycomb’s plan is to use deed restrictions to limit future resale price increases, ensuring that the units remain available as affordable housing for the next 40 years or longer.
Madsen Acres will be built on about 2.5 acres along Newington Road near a CTfastrak bus station. Farmington-based QA+M Architecture designed the project as six townhouse-style buildings with 38 one-bedroom units measuring 749 to 825 squaare feet, and 16 two-bedroom units ranging from 871 to 1,050 square feet.
“This is an important step in expanding housing choices and ensuring long-term affordability for residents at different stages of life,” Town Manager Rick Ledwith said.
Lewis Brown, managing member of Honeycomb, said his company plans to use a public-private partnership to build Madsen Acres, and credited the town and state officials for making it possible.
“This allows families to build equity while ensuring the homes remain perpetually affordable for future generations,” Brown said. “The project is designed to set new homeowners up for success.”
Honeycomb will create a homeowners association with an opening balance of what he called “several hundred thousands dollars,” and will provide new homebuyer counseling as well as financial literacy training.
Honeycomb recently completed an affordable apartment complex in New Haven called The Monarch, and plans more in Chester and Enfield.