Cassano Welcomes State Aid for Glastonbury Elderly Housing
GLASTONBURY—State Senator Steve Cassano (D-Manchester) announced today that the State Bond Commission has approved the release of state funds that will help build or renovate 72 units of affordable elderly rental housing in Glastonbury.
The Commission today approved a $6.5 million loan to Glastonbury Assisted Housing, Non-Profit, Inc., to assist with rehabilitation of 34 units and construction of 38 new affordable elderly rental housing units at 77 New London Turnpike in Glastonbury. The loan will be provided at 0 percent for 40 years with interest deferred.
The state loan will pay for one-third of the assisted housing project’s $18 million cost, while the federal government will pay for another third.
“This is the third time in the last six years that I have been able to work with Glastonbury’s very capable housing officials to find state funds to upgrade and build new elderly housing in Glastonbury, following major renovations at Knox Lane and Center Village, and I couldn’t be happier,” Sen. Cassano said. “The construction of more affordable housing for elderly folks in Glastonbury is a welcome and essential resource for Connecticut’s aging population.”