Critical affordable housing resource for elderly and handicapped residents and, under this transaction, will be preserved as affordable for the long term.
Retirement Housing Foundation (RHF) and Schochet Associates, Inc. today announced that they have completed the $8 million acquisition of Capitol Towers, a 144 unit development located in Hartford, CT. The property, built between 1971 and 1972, is a critical affordable housing resource for elderly and handicapped residents and, under this transaction, will be preserved as affordable for the long term.
The project is subsidized by the United States Department of Housing and Urban Development (HUD) under the federal Section 8 program and will benefit from federal tax credits which will be used to upgrade building systems, replace windows, and refurbish common areas and apartments at a cost in excess of $1.5 Million. Federal Management Co., Inc., an affiliate of Schochet Associates, Inc. will serve as property manager.
RHF and Schochet/Federal are committed to providing service rich, nurturing environments for its disadvantaged elderly and handicapped residents. In addition to making significant building improvements, the team will staff Capitol Towers with a full time resident services coordinator to work with residents to facilitate access to individual home care and other services including light housekeeping, medical appointment companionship, and laundry services as well as daily delivered meals through Meals on Wheels.
About Retirement Housing Foundation:
Retirement Housing Foundation (RHF) is a non-profit organization of 157 communities in 24 states, Washington, D.C., Puerto Rico, and the U.S. Virgin Islands which provides housing and services to more than 16,000 older adults, economically disadvantaged families and people with disabilities.
About Schochet Associates, Inc.
Schochet Associates, Inc. is a full service real estate development and management company founded by Jay R. Schochet in 1973. Since that time the company has developed, owned, and/or managed in excess of 7,000 apartments and over 600,000 square feet of retail and commercial space throughout New England and on the West Coast. Today, Schochet Associates owns and/or managers over 4,500 apartments and 275,000 square feet of commercial space throughout New England. Headquartered in Boston, MA, the company has regional offices in Newport, RI, and Portland, ME, and employs over 160 people.