Innovative Project Aims for Affordable Home Ownership

The Brackett Knoll subdivision is wrapping up construction in Hartford, Connecticut, offering duplexes for sale at reduced rates with built in rental income included.

July 7, 2021, 10:00 AM PDT

By James Brasuell @CasualBrasuell

Apartment renter

Benoit Daoust / Shutterstock

"Construction is underway on a market-rate housing development in Hartford’s North End, one of several long-awaited projects helping to stabilize one of the poorest sections of the city," reports Rebecca Lurye.

The final phase of construction on the Brackett Knoll subdivision will add 14 income-restricted duplexes, according to Lurye, with an innovative business model. Qualifying residents were able to purchase the homes for a reduced price and will live in one unit while renting out the other.

"To quality for a home, a family must have a combined household income of $30,000-$60,000," reports Lurye. The homeowners are expected to "have about $2,000 in monthly home expenses — including mortgage, utilities, taxes and reserves — with rental income bringing that down to about $800."

"The three-bedroom, one-and-a-half bath units will have full basements, front porches and back decks, and the side-by-side units are slightly staggered to give residents more privacy when they spend time outside," adds Lurye.

Tuesday, July 6, 2021 in Hartford Courant

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