Hope Partnership Inc

TO CREATE A CONTINUUM OF AFFORDABLE HOUSING OPTIONS IN ORDER TO HELP ENSURE AN ECLECTIC ECONOMY AND HOUSING CHOICES FOR ALL CITIZENS THROUGH THE COLLABORATIVE EFFORTS OF GOVERNMENTS, BUSINESSES, RELIGIOUS COMMUNITIES, CIVIC ORGANIZATIONS, AND INDIVIDUALS.

DURING THE FISCAL YEAR ENDED JUNE 30, 2022, HOPE PARTNERSHIPS NOTABLE EFFORTS INCLUDED THE SUCCESSFUL STARTUP OF A 17 UNIT AFFORDABLE HOUSING PROJECT IN THE TOWN OF ESSEX, KNOWN AS THE LOFTS AT SPENCERS CORNER, AT A TOTAL COST OF $5,900,000 FUNDED PRIMARILY WITH A GRANT FROM THE STATE OF CONNECTICUT. A THREE STORY, COMMERCIAL CONDO COMPLEX IN THE VILLAGE OF CENTERBROOK, SPENCERS CORNER HAD MANY VACANCIES WHICH PROVIDED AN OPPORTUNITY FOR HOPE TO WORK WITH UNIT OWNERS. CONSTRUCTION BEGAN DURING 2020 TO RENOVATE 12 EXISTING CONDO UNITS INTO 17 UNITS FOR HOUSING AND INCLUDES 1, 2, AND 3 BEDROOM UNITS ON THE SECOND AND THIRD FLOORS WITH THE MAJORITY OF THE RENTS SET AS AFFORDABLE BASED ON HUD'S SLIDING SCALE. HOPE PARTNERSHIP COMPLETED THE ACQUISITION OF THE FERRY CROSSING DEVELOPMENT IN OLD SAYBROOK CT. THIS DEVELOPMENT WAS PURCHASED FROM THE WOMEN'S INSTITUTE, OUR PREVIOUS PARTNER. HOPE PURCHASED THEIR 60% INTEREST AND IS NOW A 100% OWNER OF THE 34 UNIT AFFORDABLE HOUSING DEVELOPMENT. THIS DEVELOPMENT IS 100% OCCUPIED. HOPE'S EFFORTS INCLUDED ADVOCATING FOR AFFORDABLE HOUSING IN THE COMMUNITIES THEY SERVE AS A WAY TO EDUCATE THE PUBLIC ON THE NEED WITH PRESENTATIONS TO COMMUNITY, BUSINESS AND RELIGIOUS ORGANIZATIONS. HOPE HAS MET WITH ELECTED OFFICIALS INCLUDING SENATOR MURPHY'S OFFICE AND SELECTMEN IN ESSEX, DEEP RIVER, OLD LYME, OLD SAYBROOK, CHESTER, MADISON AND CLINTON; INCREASING THE AWARENESS OF THE NEED FOR AFFORDABLE HOUSING AND THE BENEFITS IT PROVIDES TO COMMUNITIES. A PROJECT IN THE TOWN OF MADISON WAS IN THE FINAL STAGES OF ACQUISITION AS OF JUNE 30, 2022. THIS WILL BE A 17 UNIT AFFORDABLE HOUSING PROJECT.

DURING THE FISCAL YEAR ENDED JUNE 30, 2022, HOPE PARTNERSHIPS NOTABLE EFFORTS INCLUDED THE SUCCESSFUL STARTUP OF A 17 UNIT AFFORDABLE HOUSING PROJECT IN THE TOWN OF ESSEX, KNOWN AS THE LOFTS AT SPENCERS CORNER, AT A TOTAL COST OF $5,900,000 FUNDED PRIMARILY WITH A GRANT FROM THE STATE OF CONNECTICUT. A THREE STORY, COMMERCIAL CONDO COMPLEX IN THE VILLAGE OF CENTERBROOK, SPENCERS CORNER HAD MANY VACANCIES WHICH PROVIDED AN OPPORTUNITY FOR HOPE TO WORK WITH UNIT OWNERS. CONSTRUCTION BEGAN DURING 2020 TO RENOVATE 12 EXISTING CONDO UNITS INTO 17 UNITS FOR HOUSING AND INCLUDES 1, 2, AND 3 BEDROOM UNITS ON THE SECOND AND THIRD FLOORS WITH THE MAJORITY OF THE RENTS SET AS AFFORDABLE BASED ON HUD'S SLIDING SCALE. HOPE PARTNERSHIP COMPLETED THE ACQUISITION OF THE FERRY CROSSING DEVELOPMENT IN OLD SAYBROOK CT. THIS DEVELOPMENT WAS PURCHASED FROM THE WOMEN'S INSTITUTE, OUR PREVIOUS PARTNER. HOPE PURCHASED THEIR 60% INTEREST AND IS NOW A 100% OWNER OF THE 34 UNIT AFFORDABLE HOUSING DEVELOPMENT. THIS DEVELOPMENT IS 100% OCCUPIED. HOPE'S EFFORTS INCLUDED ADVOCATING FOR AFFORDABLE HOUSING IN THE COMMUNITIES THEY SERVE AS A WAY TO EDUCATE THE PUBLIC ON THE NEED WITH PRESENTATIONS TO COMMUNITY, BUSINESS AND RELIGIOUS ORGANIZATIONS. HOPE HAS MET WITH ELECTED OFFICIALS INCLUDING SENATOR MURPHY'S OFFICE AND SELECTMEN IN ESSEX, DEEP RIVER, OLD LYME, OLD SAYBROOK, CHESTER, MADISON AND CLINTON; INCREASING THE AWARENESS OF THE NEED FOR AFFORDABLE HOUSING AND THE BENEFITS IT PROVIDES TO COMMUNITIES. A PROJECT IN THE TOWN OF MADISON WAS IN THE FINAL STAGES OF ACQUISITION AS OF JUNE 30, 2022. THIS WILL BE A 17 UNIT AFFORDABLE HOUSING PROJECT.