For Immediate Release
Contact: Raquel Rivera, Executive Director (860) 249-0649, ext. 313 or raquel_rivera@broadpark.org
Broad-Park Development Corporation to Refocus Efforts
on Neighborhood Development, Revitalization
Outsourcing of Property Management Function Will Allow Organization to Concentrate Energies on Improving Frog Hollow, South Green Neighborhoods
Hartford, Conn., June 29, 2009 – Broad-Park Development Corporation, which for more than 30 years has helped the people of Hartford’s Frog Hollow and South Green neighborhoods realize their dreams, will outsource the management and maintenance of nearly 300 of its apartment and commercial properties in those neighborhoods to refocus its energies on real estate development and neighborhood revitalization.
Commencing July 1, Mutual Housing Association of Greater Hartford will assume the management and maintenance of 284 apartment and commercial properties owned by Broad-Park. The move, according to Broad-Park Executive Director L. Raquel Rivera, represents a strategic business decision that will better position the organization to realize its core mission, including the exploration of innovative approaches and creative collaborations that will keep the organization a vital part of the community for years to come.
“This is a win-win decision for Broad-Park and the neighborhoods and residents we serve, and we are so pleased to have a strong ally such as Mutual Housing Association of Greater Hartford to partner with,” said Rivera. “Our tenants will continue to receive high-quality management and maintenance services from a fellow organization that, like Broad-Park, is committed to the community. And Broad-Park, minus the cost and administrative responsibility of managing properties, can refocus on exciting new projects and opportunities that help make Frog Hollow and South Green desirable, affordable places to live and work.”
“We are excited to work with Broad-Park Development Corporation and to have this opportunity to continue our complementary efforts to strengthen our neighborhoods,” added Catherine MacKinnon, executive director of Mutual Housing Association. “We look forward to serving Broad-Park’s tenants, and continuing our mission of producing, owning and managing affordable, well-built, permanent housing for Greater Hartford residents of varied incomes.”
Broad-Park tenants, said Rivera, have been notified of the change. Though commencement of the new management contract and assignment of Mutual Housing Association maintenance personnel will take place July 1, Broad-Park will continue to receive rent payments and field maintenance calls at its 617 Park Street address through July 31. Tenants will be informed of new arrangements commencing August 1.
Since its inception in 1978, Broad-Park Development Corporation has been responsible for more than $42 million in developments from various funding sources such as the Federal Low-Income Housing Tax Credit, Connecticut Housing Finance Authority, State of Connecticut Department of Economic and Community Development, the Federal Home Loan Bank, and other organizations. The organization has extensive experience working with private banks and insurance companies, and an unmatched track record in the design/construction of both rehabilitated and newly constructed developments.
Founded in 1988, Mutual Housing Association of Greater Hartford is a partnership of community residents, local and state government, and private enterprise that is committed to providing affordable housing and revitalizing neighborhoods in Greater Hartford. It accomplishes this through the development and management of high-quality, resident-controlled mutual housing for residents of varied incomes, development of affordable homeownership opportunities, housing counseling and technical assistance for homeowners and tenants.