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The CMFA issues $8,000,000 in Tax-Exempt Financing for the Connell Apartments Project to assist Gilroy’s Low Income Residents

Connell Apartments is a 28-unit affordable housing development built in 1962 situated on three contiguous land parcels totaling 0.81 acres located in a residential neighborhood characterized by single-family housing and low-rise apartment buildings. The project is composed of three two-story buildings. The 28 units are distributed among the three buildings as follows: 20 units at 7010 Princevalle St., 4 units at 610 Fairview Dr., and 4 units at 620 Fairview Dr. The project consists of studio, 1-bedroom and 2-bedroom units. Proposed work includes repair or replacement of roofs at 610 & 620 Fairview, exterior siding, windows, stairs, balcony decks and upper walkways, renovation of selected unit interiors, laundry room upgrades, solar photovoltaics installation, upgrades to HVAC/mechanical and electrical systems, retrofitting of irrigation system, replacement of selected lawn sections with drought resistant landscaping, repairs to hardscape and paving and repairs to parking areas. Renovations are anticipated to improve site energy efficiency by 10%. This financing will preserve 27 units of affordable housing for the City of Gilroy for another 55 years.

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