A $100,000 loan is bringing 48 affordable apartments to downtown Greenwich.
The town's Affordable Housing Trust Fund closed its first-ever deal on Thursday, May 15, lending $100,000 over 20 years to Benedict Place Owner, LLC, according to AHTF Co-Chair Bill Finger. The money came with a condition: the developer had to bump the share of affordable units from 30% to 40% of the project's 120 apartments.
Those 48 units will carry deed restrictions for 40 years, open only to households that meet state income-eligibility requirements. The loan is secured by a subordinate mortgage on the property.
The dollar amount is small relative to total construction costs, which have not been disclosed. The trust's real power is the deed restriction it locks in, not the size of the check.
What's being built
Benedict Place is a six-story, 120-unit apartment building going up on Benedict Place and Benedict Court, directly behind Greenwich Avenue and St. Mary Church. The Planning and Zoning Commission approved it 4-1 in May 2024 under Connecticut's 8-30g affordable housing statute.
Developer Philip Wharton of Nimbus Realty and Joe Tranfo, who spent three decades assembling the 12-parcel site starting in 1994, broke ground after demolishing 11 older homes. Construction is underway, with completion estimated in the second half of 2028. The building will have one-, two-, and three-bedroom apartments and 180 parking spaces.
Why it matters
Greenwich has roughly 1,380 affordable housing units on the books, about 5.3% of its total stock, according to the town's inventory updated April 1, 2025. State law sets the bar at 10%. The town needs approximately 1,140 more affordable units before it can deny 8-30g applications outright.
The trust fund, created by town ordinance in 2021, gives Greenwich a way to negotiate with developers rather than simply approve or reject projects. The 40% affordable ratio at Benedict Place is well above the norm. By comparison, the Oak Ridge Street development approved at the same May 2024 meeting set aside just 22% of its units as affordable.
RTM District 1 Chair Fred Lee called the outcome positive: "At least we can have some of our town employees be eligible for some of that housing."
What's next
The trust board has five more conditional loan commitments outstanding, with one set to close before Thursday, July 31. In each deal, the board negotiated either more affordable units or a smaller building, according to the AHTF announcement. Two additional 8-30g proposals are in early-stage talks with the board.
Eligible residents can apply for affordable units through the town's housing lottery at greenwichct.gov/1854. A single person qualifies at the 80% area median income level with earnings up to $83,384 per year; a family of four qualifies at up to $119,120, based on 2025 figures. No lottery date for Benedict Place has been announced.
