Dan Brechlin | Record-Journal
The proposed 24 Colony St. development will have 64 housing units, including 56 that are considered affordable housing. There will also be about 11,000 square feet of commercial space.MERIDEN — A downtown housing and commercial development received a financial boost Friday when the state Bond Commission voted to support a $6 million loan to help construct the four-story building.
The development is estimated to cost $22.865 million. In addition to the $6 million loan, there will be other funding sources. A total of $12.74 million will come from federal low-income housing tax credits, $3.67 million from the Connecticut Housing Finance Authority, $158,000 from energy rebates, and $297,000 from a deferred developer fee.
Branford-based Westmount Management, doing business as Colony Residences LLC, is the project developer. The company is working closely with the Meriden Housing Authority, as about 25 percent of the housing units will be replacement units for Mills Memorial Apartments. MHA Executive Director Robert Cappelletti and Westmount Management Director Rick Ross could not be reached for comment Friday. Read more