Core to our mission has been the creation of vibrant communities where people can live, work and play, which is why over the past decade, we’ve built hundreds of affordable housing units to ensure that people of diverse backgrounds and experiences are a part of our community. Stamford leads Connecticut in affordable housing, and we’re proud to have been able to contribute as many or more units of affordable housing in the last ten years than all other developers in the city combined.
Affordable housing is integral to communities that have seen expansive growth and development, as we have here in Stamford’s South End. These below market rate (BMR) units are intended to help keep housing affordable for low and moderate income earners and are priced at around 50% of the area median income (AMI). Potential residents must meet a series of income qualifications that are designed by local governments to ensure that the units serve the intended group.
Since opening day of The Lofts at Yale & Towne in 2010, we have constructed 359 on-site rental units in Stamford and 60 units in Norwalk throughout our residential buildings, and we are not stopping there. Currently, BLT is working on nearly 50 additional units across these two areas, which have maintained a steady occupancy rate at 100% with a waiting list of folks who we cannot wait to welcome.
We also recognize the importance of serving more vulnerable groups through partnerships with affordable housing developers to help create extraordinary projects. Working in collaboration with groups such as Housing Development Fund, Inspirica, Charter Oaks, and Garden Homes, BLT has been able to contribute $9.6MM to projects that help surmount obstacles that cannot be overcome by solely the private or public sector alone. Recently, we have been working with the City of Stamford and HDF on two projects that would not have been addressed without our partnership. BLT is conducting a historic renovation of 17 units in historic buildings on Henry Street to go to market in late summer 2021. In partnership with HDF, we have developed an additional 17 units on Washington Boulevard.
It is only with a public/private partnership and cooperation that these projects can be completed to serve the greater good of the community. We are proud to continue on our mission of this very important work with our partners.