SHARON — The Sharon Housing Trust has signed a term sheet with the Connecticut Department of Housing for a grant of $1 million to finance construction, upkeep and repayments surrounding the affordable housing units at 91, 93 and 95 North Main St.
After originally applying for the grant in the spring of 2024, SHT’s signing of the term sheet has enabled the Trust to work towards a closing, upon which date the grant will be formally awarded, according to a Jan. 24 press release. SHT anticipates the closing to occur in the spring of this year.
Over half of the funds are planned for construction improvements to the six units, all of which are currently occupied. The remainder will fund additional fees and expenses on the properties, as well as reimburse private donors who loaned money “on favorable terms” for the initial purchase of the properties in 2023, the press release stated.
The Trust recently paid off a $100,000 anonymous bridge loan that had also aided the purchase of the homes, and thanked the private donors who assisted in repayment in a Jan. 3 press release.
SHT also has the opportunity to lease the former town community center at 99 North Main St., adjacent to the affordable homes. Pending an application for $1 million in government funding, the Trust would convert the building into four additional affordable rental units, creating a distinct downtown affordable housing complex.
In the Jan. 24 release, SHT President Richard Baumann stated his optimism for the project: “With this grant and with other support, we intend to make 91, 93 and 95 North Main St., and the adjacent community center at 99 North Main St., a four-building affordable housing campus that provides reasonable housing and helps all Sharon residents take pride in our community.”
