Joseph P. Gresko

I'm pleased to share with you that the allocation of a $6 million low-interest loan was approved by the State Bond Commission and Governor Lamont today in Hartford.

These funds will provide a loan to Success Village Apartments, Inc., to refinance existing debt during the receivership period. This financing will help stabilize the property financially and enable the receiver to design and implement a permanent solution to the existing heating and cooling system issues.

Success Village Apartments straddles the Bridgeport/Stratford line and is located in my district. It was built in the early 1940s to provide temporary, federal government-provided worker housing during World War II. In the mid-1950s, the complex was sold and converted into a co-op. The 900 units house a wide range of tenants, including young families and senior citizens. Its management company filed for bankruptcy last year. The housing co-op was put into receivership in September 2024 and is currently overseen by a court-appointed manager, Stratford lawyer Barry Knott. Knott filed the request for the $6 million loan with the State Bond Commission, and I advocated for the funding as both a state representative for Stratford and in my role as a deputy speaker.

This is an absolute necessity for this apartment complex and for the many tenants that live there. We need a permanent fix to their boiler issue so that residents can live safely in their homes. I thank Governor Lamont and the State Bond Commission for seeing the need for this funding.

During the 2025 session, the Connecticut General Assembly voted to increase the amount that can be spent from a special housing department fund in any single municipality from $1 million to $6 million per year.