Norwalk, CT 06854
- 163 Section 8 apartments
- Managed by Vesta since 1998
A Federal Court Magistrate appointed Vesta as Receiver of Rents for Monterey Village after the Housing Authority suspended payments on the Section 8 contract. The community’s general partner had neglected the community and its residents: basic maintenance requirements were not being met, resident safety needs and work order requests were not being satisfied, and the community was menaced by drug dealers and other crime.
Vesta was called on by the Housing Authority and several limited partners to restore the community. Upon reaching an agreement with HUD and the Housing Authority on the necessary steps to restore operations, the Housing Authority immediately resumed Section 8 payments. The general partner was replaced by a Vesta affiliate, and Vesta worked closely with the residents, HUD, the Housing Authority, and the Norwalk Police to rehabilitate Monterey Village.
The project’s mortgage was refinanced through a $5.2 million tax exempt bond issue, which also provided funds for more than $1 million of renovations. In addition, Vesta obtained three HUD grants totaling $750,000, for security improvements and staffing.
Within 24 months, occupancy went from below 75% to over 95%, criminal activity was all but eliminated, and both the physical and fiscal conditions were restored. Monterey Village was once again a livable, operational community and continues to maintain 97-100% occupancy.