Wilton Commons takes another step forward
Wilton Commons Inc. took an important legal step at the Board of Selectmen’s meeting on Oct. 6.
Wilton Commons, an affordable apartment complex for seniors at 21 Station Road, was originally approved by the Planning and Zoning Commission for 74 units, but only 51 were built due to insufficient funding. In order to move forward with construction of the remaining 23 units, changes in the partnership agreement needed to be approved.
The current limited partnership is composed of tax credit investor National Equity Fund Inc. as the limited partner and general partners Wilton Commons Inc. and Mutual Housing Association of Southwestern Connecticut Inc. (MHASWCT). A straight partnership between Wilton Commons Inc. and MHASWCT will take over the 23 new units, without National Equity Fund and
Therefore, for legal simplicity, Wilton Commons Inc. desires that the additional units be considered collectively as a condominium entity.
The Common Interest Ownership Act of Connecticut requires that landlords sign off on assignments and sublettings, so with 21 Station Road being town-owned property, the issue was put before the Board of Selectmen for a vote for administrative approval.
“This is really good news,” First Selectman Bill Brennan said, “because we’ve always wanted Wilton Commons to get sized up to the original 74 units. I was on the Board of Finance when this was first discussed; the cash flows when it was 74 units were much better. They gave it a much healthier outlook for the project over the long haul. And this gives us more affordable housing for seniors in our town. I’m excited that we’re really moving forward with this.”
Brennan made a motion to approve Wilton Commons Inc.’s proposal, and was seconded by Selectman Mike Kaelin.
Selectman Ken Dartley abstained from voting because of his past involvement with the Wilton Commons board of directors. Selectmen Deborah McFadden, Dick Dubow, Kaelin, and Brennan voted in favor, and thus the resolution to sign off on the change passed 4-0-1.
During that meeting, the selectmen also voted in favor of accepting all past and present revisions to the fraud risk assessment of the town conducted by the New England-based business advisory firm BlumShapiro, pushing it along to the Board of Finance for final approval.