Hartford, Conn. Mayor Luke Bronin said: "Supporting the rehabilitation of historic properties while promoting affordable homeownership with a leading community organization like NINA will improve quality of life for the entire neighborhood and complement our efforts citywide to add and improve our housing stock." (Source: The Hartford)
The Hartford is bestowing a $1 million grant to the Northside Institutions Neighborhood Alliance (NINA) to make homeownership more accessible in the Asylum Hill neighborhood of Hartford, Conn., which is where the company is headquartered.
In conjunction with other funding sources, including from the Capital Region Development Authority as well as Connecticut's Historic Home Rehabilitation tax credits, the funding will be used for the renovation of approximately 24 houses, according to the insurance company. The projects will include single-family and multi-unit dwellings.
"The Hartford is proud to partner in the revitalization of the Asylum Hill neighborhood that we have called home for more than 100 years," Christopher Swift, The Hartford CEO and chairman, said in a release. "We are steadfast in our commitment to addressing the critical needs of our neighbors by advancing equal economic, educational and workplace opportunities. The success of this particular partnership will be three-fold: to restore the historic beauty of the neighborhood, reduce blight and expand homeownership in Asylum Hill."
NINA is reported to be using the funds to start several construction projects this year as well as accelerate the finalization of several other projects in the coming five years. The organization's mission is to rehabilitate blighted historic homes and construct new dwellings that fit into the historic character of the Asylum Hill neighborhood, the insurance company reported.
"The Hartford has been a steadfast partner since NINA was formed in 2003, and together, we are well-poised to move forward with this exciting initiative," NINA Executive Director Ken Johnson said in a release. "We share the belief that a safer and more stable neighborhood for residents begins with a blight-free environment that offers a diverse array of housing opportunities."
Building on $10M commitment
As part of its centennial celebration this past fall, The Hartford made a $10 million, five-year pledge to address the top priorities of residents and nonprofits based on an Asylum Hill neighborhood survey. The top three priorities of local stakeholders and residents were housing stability, job readiness and greater public safety, The Hartford reported.
Further, the company donated $7 million in 2010 to the neighborhood, which included a $2 million grant that went toward the removal of the Capitol West building.
"The Hartford has been a tremendous partner to our city for hundreds of years, and this historic investment represents its deep commitment to the Asylum Hill neighborhood and our entire community," said Hartford Mayor Luke Bronin in a release. "Supporting the rehabilitation of historic properties while promoting affordable homeownership with a leading community organization like NINA will improve quality of life for the entire neighborhood and complement our efforts citywide to add and improve our housing stock."
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.