Cargill 

project gets

$5M grant 

for housing

State Representative Danny Rovero (D-Killingly, Putnam, Thompson) is pleased the latest state investment of over $25 million in six affordable housing projects includes a project in Putnam. Selected under the Competitive Housing Assistance for Multifamily Properties (CHAMP) initiative, the historic Cargill Falls Mill project will receive a loan of up to $5 million from the Department of Housing (DOH) to assist in the redevelopment of 14 buildings.

“Living in our downtown must be affordable for smart development to be successful,” said Rep. Rovero. “Tying the project with green energy is a win/win for both the town and the future residents.”

“In this year alone, we’ve made more than $100 million available to help municipalities address one of their most pressing needs – the lack of affordable housing options in their communities,” said Governor Malloy. “We are doing more to support local efforts to create and rehabilitate affordable housing, which will revitalize neighborhoods and strengthen entire communities. And when we do this across the state, we are enhancing the quality of life for all in Connecticut. At the same time, these projects will bring in over $22 million in federal tax credit equity through the 4% Low Income Housing Tax Credit (LIHTC) program administered by CHFA.”

The ground floors of this mill complex will be dedicated to commercial use while the upper floors will be developed into residential units. The mill is part of the fabric of Putnam and reported to be both the oldest surviving cotton mill in Connecticut and the oldest mill site in the United States. The project will include a mix of market rate and affordable residential apartment units in a community setting adjacent to compatible clusters of office, retail, service and restaurant workplaces on a six-acre site with more than a quarter mile of frontage on the Quinebaug River. The property is within walking distance of the downtown and its shops, restaurants, a grocery store, municipal offices, and other amenities such as recreation, medical care, transportation and employment. When completed, Cargill Falls Mill will consist of 82 rental units, 30 of which are

affordable. Both residential and commercial tenants will enjoy significantly reduced electricity costs from the one megawatt hydroelectric dam and cogeneration facility also being developed at the property. This funding will leverage approximately $15 million in non-state funds.

The Cargill Falls Mill project competed successfully in the fifth round of the CHAMP initiative. CHAMP is administered by DOH and helps owners and developers of multifamily rental developments to expand or rehabilitate affordable and supportive housing.