2011 was another very successful and outstanding year for the Housing Authority
of the Town of Greenwich. Here are some selected operating and financial highlights:
On-going projects include Roof/Siding/Façade upgrades for Quarry Knoll ll, stair
ceiling tile/insulation installation at McKinney Elderly, Façade/Roof Painting and
Landscape Improvements at Town Hall Annex, and emergency generator installation
at Quarry Knoll l and Wilbur Peck Court.
Town Hall Annex – The limited partnership interest of all
of our financial partners in the property was acquired through donation by the partners,
returning complete ownership to HATG. HATG is awaiting final approval from HUD.
Greenwich Close - HATG began seeking refinancing for $17,000,000
in bond financing yielding approximately 7%. When the financing is in place in 2012,
HATG will obtain an interest rate of approximately 4% resulting in anticipated savings
of interest cost of $450,000 annually. This refinancing also requires that approximately
$2,000,000 dollars are reinvested in major capital improvements. These improvements
must be completed within 12 months after refinancing.
Parsonage Cottage – In Dec 31 of 2011, the Tax Credit Partnership
that was established to finance renovations when the facility opened, expired, thereby
creating the opportunity for HATG to acquire the limited partner’s interest.
HATG has engaged legal counsel to assist in working through rap-up negotiations
and calculating the cost of the limited partner’s buyout.
HATG has begun the preliminary work necessary to construct 12 additional units at
our Adams Garden Residence. We have begun speaking with our elected officials, local
residents, neighbors and State oversight agencies about this possible project. The
site is owned by the Greenwich Housing Authority and the units could easily be absorbed
into the community with minimal disruption.