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Major renovations coming to Beaver Street Apartments Cooperative in Danbury

Major renovation projects at the Beaver Street Apartments Cooperative in Danbury have been launched.  The renovations are being financed by a $3,000,000 mortgage loan from Newtown Savings Bank.  The Beaver Street Apartments Cooperative is the only low-income family housing cooperative in Western Connecticut, with 70 units accommodating approximately 300 residents.


Connecticut Institute For Communities CEO Jim Maloney says funding will provide reroofing of the Cooperative's buildings, replacement of aging boilers, the installation of hardwired smoke and carbon detectors in every apartment, the internal rehabilitation of many individual apartments and major expansion of the on-site parking lots. He called this a significant commitment to insure affordable housing in the Danbury community. 


Connecticut Institute For Communities has been the Managing Agent of the Beaver Street Apartments Cooperative since 2005 when the Cooperate was threatened with foreclosure. Since then, CIFC has led a comprehensive administrative and physical revitalization of the Cooperative, including its' fiscal and managerial processes.


CIFC held a competitive process to see which bank could give the best terms and best rates.  Maloney says it was fortuitous that Newtown Savings Bank is a local bank.  They have a relatively new branch in downtown Danbury.

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