Planning & Zoning Commission (linked)

DEPARTMENT OF PLANNING AND DEVELOPMENT 
 
 
MEMORANDUM 
 
TO:  
Planning and Zoning Commission 
 
FROM: Mark Wujtewicz, Planner 
 
DATE:  July 23, 2024 
 
TITLE: Waterford Central & Waterford Woods 
 
61 Myrock Avenue & 394 Willetts Avenue Extension 
Workforce Housing   
 
 
 
 
 
EXECUTIVE SUMMARY 
The Developers/Owners of Waterford Woods and Waterford Central MultiFamily Projects have entered 
into a memorandum of Agreement with the Connecticut Housing Finance Authority and the CT 
Department of Housing to acquire funding for Workforce Housing through the Build for CT program. 
The developer/owner, in return for the funding is required to designate and maintain 44 residential units 
of the 216 total units at the Waterford Central multifamily project for Middle Income residents. 
 
DISCUSSION 
The Waterford Woods Phase I project at 384 Willetts Avenue Extension was previously approved by the 
Commission through application #PL-21-1. The applicant voluntarily designated 10 of the 98 units 
proposed as affordable.  Subsequent to Waterford Woods Phase I, the Waterford Central multifamily 
project was approved by the Commission through Application #PL-23-9. The same developer as 
Waterford Woods Phase I voluntarily designated 18 of the 216 units proposed as affordable to those 
earning 80% of the maximum medium income threshold. These unit designations are stated in the 
minutes of the Commission for each respective application. 
 
The Memorandum of Agreement states that a total of 44 units in the Waterford Central Multifamily 
project will be designated as affordable to Middle Income applicants with 4 units at 60% AMI and 40 
Units at 80% AMI. The developer proposes to increase the initial number of designated units for 
Waterford Central from 18 to 34 and to reallocate the 10 designated units that were proposed for 
Waterford Woods Phase I to Waterford Central. This will result in a combined total of 44 designated units 
of the 216 approved. The developer has provided a plan to transition the existing 10 designated units 
located within the Waterford Woods Phase I Development to the Waterford Central Development 
(Waterford Woods Phase 3). All of the 44 designated workforce housing units will be distributed among 
the 6 buildings in the Waterford Woods Development Phase 3.  
There are no changes to the previously approved site plans and all conditions will remain as approved.  
FIFTEEN ROPE FERRY ROAD 
WATERFORD, CT 06385-2886 

C:\Users\mwujtewicz\Box\TOW_PZBD\Departments\In_Process\Planning\Waterford Central Workforce 
Housing\Staff Report_Workforce Housing_rev.docx 
 
The request before the Commission is to acknowledge the voluntary designation of affordable restrictive 
units associated with the previous site plan approvals, PL-21-1 and PL-23-9 and to support the increase in 
the number of Workforce Housing units and reallocation of the previously approved restricted units from 
Waterford Woods Development Phase I to the Waterford Central Development.  
 
 
 
RECOMMENDED ACTION 
 
Based on the information provided, staff recommends the Planning and Zoning Commission find that:  
 
Findings: 
1. Application PL-21-1 was granted site plan approval by the Planning and Zoning Commission 
on March 9, 2021 for the Waterford Woods Multifamily development located at 384 & 394 
Willetts Avenue Extension.  
2. As reflected in the meeting minutes of the Planning and Zoning Commission for March 9, 
2021, the applicant for Application PL-21-1 voluntarily designated 10 units in the Waterford 
Woods Development as affordable.  
3. Application PL-23-9 was granted site plan approval by the Planning and Zoning Commission 
on May 23, 2023 for the Waterford Central Multifamily development located at 61 & 61A 
Myrock Avenue.  
4. As reflected in the meeting minutes of the Planning and Zoning Commission for May 23, 
2023, the applicant for Application PL-23-9 voluntarily designated 18 units in the Waterford 
Central Development as affordable. 
5. The proposal is consistent with the Town of Waterford Affordable Housing Plan and the 
2012 Plan of Conservation and Development in that it increases the amount of Affordable 
Housing Opportunities in Waterford and an increase in the number of Housing Options for 
present and future residents of Waterford.. 
6. Section 4.8.7 of the Town of Waterford Affordable Housing Plan is to support owner/tenant 
CHFA assistance programs.  
 
MOTION: That the Commission adopt the findings 1 thru 5 of the Staff Report and approve the 
increase in the number of Workforce Housing Units originally designated in the W 
Waterford Central Multifamily Development through application PL-23-9 from 18 to 
44 units, which total number includes the relocation of previously designated 10 
affordable units from the Waterford Woods Phase I development, Application PL-21-1 
to the Waterford Central Development.  









33 
4.8.6 
Support / Facilitate Aging In Place 
•
Continue to offer tax relief for lower income seniors / disabled
o
State-sponsored program for elderly / disabled earning less than
$45,800 (married) or $37,600 (single or widowed) providing a
tax credit up to $1,250 (married) or $1,000 (single or widowed)
o
Town tax relief program providing a tax benefit up to $225 for
eligible property owners.
•
Maintain / expand Town services (Social / Nutrition / Health / Education
/ Transportation, etc.) which can help older residents age in place
4.8.7 
Support Owner / Tenant Assistance Programs 
•
Promote CHFA/USDA Mortgages
•
Promote “Tenant-Based” Rental Assistance
•
Promote “Project-Based” Rental Assistance
4.8.8 
Seek To Reserve Sites For Meeting Housing Needs 
•
Seek to re-use municipal buildings / properties
•
Seek to preserve tax delinquent / foreclosed sites for affordable housing
4.8.9 
Enable/Encourage Livability Improvements 
•
Exempt required accessibility improvements from yard setbacks
•
Consider encouraging / requiring universal accessibility / livability (zero
step thresholds, lever door handles, handicapped accessible bathrooms,
higher toilets, lower light switches, first floor master bedrooms, etc.)
4.8.10 Seek Partnerships To Create Affordable Units 
•
Partner with organizations such has Habitat for Humanity to produce
affordable units
•
Investigate public-private partnerships which would result in the
production of affordable units
•
Work with area financial institutions to help them meet their
Community Reinvestment Act obligations by supporting the creation of
affordable housing
WATERFORD 2022 - 2027 HOUSING PLAN

January 1, 2012 
55 
B. Provide For A Diverse Housing Portfolio In Waterford
Waterford’s housing “portfolio” consists primarily of owner-occupied, single-family dwellings which 
were constructed over the years to meet the housing needs of Waterford residents at those times.  How-
ever, what was built in the past may not be what is needed to meet the housing needs of future residents 
because: 
Conditions and Trends 
Possible Housing Result 

People are living longer and healthier lives

There may be more interest in smaller homes, homes
with accessory units, and homes with less maintenance

There may be a demand for more assisted living options

The cost of a typical home is exceeding the abil-
ity of many people to afford it

There will be increasing interest in housing options that
are less expensive

People are focusing more on housing for shelter
and comfort rather than an investment

This may result in housing units which are smaller but
have more amenities

People are considering other housing choices for
energy and lifestyle reasons

There may be interest in newer housing units with lower
operating costs and newer technologies
The housing needs of the community are evolving and Waterford will continue to consider ways to ad-
dress the housing needs of current and future residents.  This includes housing options for an aging pop-
ulation as well as housing opportunities for younger persons and families. 
In the telephone survey, residents supported the concept of diversifying the types of housing in Water-
ford.  Participants tended to feel that Waterford had the right amount of single family homes and condo-
miniums but that there may be too few other types of housing opportunities. 
Issue 
Amount Is 
Too Little 
Amount Is 
Just Right 
Amount Is 
Too Much 
Not Sure /  
Don’t Know 
Single family homes 
17% 
63% 
5% 
15% 
Condominiums 
14% 
49% 
21% 
16% 
Rental housing for young people 
51% 
22% 
1% 
26% 
Affordable housing for first-time home buyers 
47% 
30% 
1% 
22% 
Smaller houses for senior citizens 
44% 
31% 
1% 
24% 
Affordable apartments for senior citizens 
40% 
30% 
3% 
27% 
Rental housing for families with children 
36% 
30% 
3% 
31% 
Waterford will seek to encourage the availability of housing for a variety of age and income groups.  At 
the same time though, the Planning and Zoning Commission may seek to moderate the location and or 
pace of certain proposals in order to ensure that the ability of the community to assimilate such housing 
is maintained. 
WATERFORD 2012 PLAN OF CONSERVATION AND DEVELOPMENT

 
 
 
 
NOTICE OF FUNDING FOR 
 
BUILD FOR CT 
 
HOUSING FOR MIDDLE INCOME 
HOUSEHOLDS 
 
 
The Department of Housing (DOH) and the Connecticut Housing Finance Authority (CHFA) are excited to provide 
this notice of funding for Workforce Housing (Housing For Middle Income Households) to be known as Build 
For CT.  
 
A. BACKGROUND 
This year, the Connecticut Legislature passed, and Governor Lamont signed Public Act 23-205, which 
provides more than $800MM in bonding for the creation and preservation of housing covering a wide 
spectrum of need: from deep income targeted to middle income rental housing, as well homeownership 
opportunities.  The purpose of this notice is to alert financial institutions, developers, and owners of the 
newest, exciting and critically important financing program that is part of this bonding that will help to 
provide housing options for Connecticut’s middle-income households who are essential to Connecticut’s 
economic vitality and the state’s future growth.  
 
B. PUBLIC-PRIVATE ALLIANCE 
Utilizing the efforts and resources of private financial institutions to cultivate and promote the acquisition 
and development of market rate housing that will serve middle income residents, DOH and CHFA have 
developed the program which CHFA will administer on behalf of DOH to provide financial support to 
fund housing units that would otherwise not be financially feasible. Those financial institutions are 
important allies in the effort to help all of Connecticut provide housing for its workforce not only now but 
in the years and decades to come.  
 
C. FUNDING TYPES AND ELIGIBLE PROPERTIES 
Funding provided may be used in numerous ways, including for construction to permanent purposes, 
permanent financing purposes, and for substantial rehabilitation.  Previously proposed housing and 
housing in the process of construction but in need of funding to be completed may be eligible. Subject to 
funding availability and projected time to completion, eligibility may also be available for properties at 
earlier stages of development.  The presently anticipated income restrictions are that at least 20% of total 
units at any site will be income restricted for tenants earning between 60% and 120% of area median 
income (AMI). (Funding for properties principally consisting of low income housing units is not available 
under this program but is available under other DOH and CHFA programs.)  
 
D. ANTICIPATED FINANCING TERMS (subject to change) 
Build For CT is expected to provide favorable financing as follows: 
Construction-permanent loans with construction terms up to 36 months. Permanent loans with terms 
up to 20 years and with amortizations of up to 40 years. 
Subordinate lien and payment priority. 
Debt coverage ratios of 1.15. 
Below market interest rates. 
CLTV generally capped at 80%.  
Loan amounts up to $125,000 per eligible income restricted unit, which may be increased at the 
discretion of the Commissioner of DOH. 
Prepayments allowed 6 years after close of permanent loan with a minimum yield maintenance fee 
of 1%. 

 
 
 
E. INTERESTED PERSONS  
Developers and other interested parties should work with their financial institutions, who will need to 
coordinate the submission of documentation to CHFA for consideration of funding requests. All inquiries 
should be directed to BuildForCT@chfa.org.  
F. OTHER INFORMATION 
All information submitted to CHFA in response to this notice are the sole property of the State and CHFA 
and subject to the provisions of Connecticut’s Freedom of Information Act, Connecticut General Statutes 
Sections 1-200 et seq., which provide that public records and documents are subject to public access and 
copying unless specific exemptions to disclosure exist. If a person believes that portions of its submissions 
are exempt from disclosure, they should mark the specific portions as confidential. Acceptance of 
submissions by CHFA that contains such reservations is not an agreement that the material is confidential 
or exempt from disclosure. DOH and CHFA reserve the right to amend or cancel this notice, to modify or 
waive any requirement, condition or other term set forth in this notice or any application, to request 
additional information at any time from one or more persons, to select any number of applications 
submitted in response to this notice, or to reject any or all such submissions, in each case at DOH’s and/or 
CHFA’s sole discretion. DOH and/or CHFA may exercise the foregoing rights at any time without notice 
and without liability to any person or any other party. Information submitted in response to this notice 
shall be prepared at the sole expense of the person making the submission and shall not obligate DOH 
and/or CHFA to procure any of the services described therein or herein from any person. DOH and/or 
CHFA shall not be obligated to any person until a final written agreement has been executed by all 
necessary parties thereto and all applicable approvals have been obtained. Funding is subject to Bond 
Commission approval. 
 
 
 
 
 
Rev. 8/18/23 

WORKFORCE HOUSING PROGRAM 
(BUILD FOR CT-HOUSING FOR MIDDLE INCOME HOUSEHOLDS) 
PROGRAM DEVELOPMENT AUTHORIZATION IN ACCORDANCE WITH  
MEMORANDUM OF AGREEMENT DATED SEPTEMBER 26, 2023  
BETWEEN CONNECTICUT HOUSING FINANCE AUTHORITY AND DEPARTMENT OF HOUSING 
 
 
CHFA Project#:  
 
24-707 
Development:  
 
Waterford Woods Phase III 
Address: 
 
 
394 Willets Avenue (aka 61 & 61A Myrock Avenue), Waterford, CT 06385 
Units 
  Total:  
 
 
216 
  Middle Income: 
 
44 
  Targeted AMI: 
4-units at 60% AMI, 40-units at 80% AMI 
Middle Income Initial Rents: 
See Schedule 1 
Borrower: 
 
 
Waterford Central, LLC 
Sponsor: 
 
 
Kevin Daley, Sig Con Associates, LLC 
Loan Amount:   
 
$5,500,000 ($125,000 per Middle Income Unit) 
Loan types: 
Construction to Permanent 
Participating Lender: 
Liberty Bank 
Construction Term: 
 
36 months   
Permanent term: 
 
20 years 
Permanent amortization:  
40 years 
Interest rate: 
 
 
2% fixed 
Repayment: 
 
 
Construction: Interest only; Permanent: 40-year amortization 
Prepayment: 
 
 
1% of outstanding loan balance 
CHFA Fee: 
 
 
$41,250 = (75bps) 
 
Guarantor: 
Kevin Daley & Waterford Central, LLC 
Guaranty: 
Unconditionally guaranteed by the Borrower and Kevin Daley on a joint and several basis 
until the construction is completed, Certificates of Occupancy have been issued for all 
units, and Project Stabilization has been reached (defined as minimum of 92% occupancy 
and DSCR of 1.30x (minimum 1.15x inclusive of CHFA debt service) for 12 consecutive 
months calculated on amortizing basis) as determined by Liberty Bank. The repayment 
recourse guaranty will convert to non-recourse, except for standard carve-outs.  The terms 
of the guaranty are consistent with what has been approved by the Participating Lender, 
Liberty Bank.  
 
 
Schedule 1 
 
[Initial Rent & Income Schedule] 
 
 
Total # of Units
# of Middle Income Units
% Middle Income Units
Style
Program
Sq. Ftge
# of Units
% AMI
Estimated  
Monthly  Market 
Rent/Unit
Monthly Rent 
Limit/Middle Income 
Unit
Monthly 
Discount from 
Market/Unit
Annual Discount 
from Market 
Rent/Unit
Total Annual 
Discount to Market 
Rent
% Differential
1 BR 
Build4CT
655
4
60%
$1,850
$1,263
$587
$7,040
$28,158
31.7%
1 BR 
Build4CT
655
9
80%
$1,850
$1,685
$166
$1,986
$17,874
8.9%
1 BR
Build4CT
866
15
80%
$2,100
$1,685
$416
$4,986
$74,790
19.8%
2 BR
Build4CT
1,200
5
80%
$2,750
$2,021
$729
$8,743
$43,716
26.5%
2 BR
Build4CT
1,030
11
80%
$2,350
$2,021
$329
$3,943
$43,375
14.0%
Totals
44
$207,913
Dispersion of Middle Income Units to adhere to Build4CT Workforce Housing Program
Unit Mix
216
44
20.4%


 
 
1 
Form – Build For CT – [Waterford Woods Phase III] 
After recording, please return to: 
Brion J. Kirsch, Esq. 
Pullman & Comley, LLC 
90 State House Square 
Hartford, CT 06103 
 
DECLARATION OF LAND USE RESTRICTIVE COVENANTS 
THIS DECLARATION OF LAND USE RESTRICTIVE COVENANTS, (this “Declaration”) 
is made as of this ____ day of ____________ 2024 by  WATERFORD CENTRAL, LLC, a limited 
liability company organized and existing under the laws of the State of Connecticut, with an office 
and principal place of business at 606 Post Road East, Westport, Connecticut 06880 (the “Owner” 
and the “Declarant”) and is given as a condition precedent to the award to Owner of Housing 
Trust Fund Program funds (the “Funds”) pursuant to the requirements of the Public Act 23-205 
and the Housing Trust Fund Program set forth in Sections 8-336m through 8-336q of the 
Connecticut General Statutes (as amended, collectively, the “Act”), and the regulations 
promulgated pursuant thereto (as amended, the “Regulations”). 
W I T N E S S E T H: 
WHEREAS, the Owner is the owner of a certain parcel or parcels of real property, being 
more particularly described in Schedule A attached hereto and made a part hereof (the “Land”); 
WHEREAS, in accordance with the Act and the Regulations, the Connecticut Housing 
Finance Authority (“CHFA”), a body politic and corporate constituting a public instrumentality and 
political subdivision of the State of Connecticut, as administrator under the Act, has entered into 
a certain Memorandum of Agreement with the State of Connecticut Department of Housing 
(“DOH”) (as further amended from time to time, the “MOA”) which provides for CHFA to receive 
Funds from the State of Connecticut (the “State”) for administration of a program for the purpose 
of providing financing to multifamily properties to finance housing units affordable to middle 
income households and persons (the “Program”); 
 
 
 
WHEREAS, the Owner has been selected by CHFA to receive mortgage financing to be 
made by CHFA from Program Funds; 
 
WHEREAS, the Owner has submitted to CHFA a request for financial assistance (the 
“Loan”) in connection with a project commonly known as Waterford Woods Phase III (the 
“Project”), which is or will be situated on the Land, and which Project includes the  construction 
and/or rehabilitation of a certain multi-family development comprising two hundred sixteen (216) 
residential units (each, a “Unit” and collectively, the “Units”); 
 
 
WHEREAS, the financing received by Owner is to be utilized for the construction or 
rehabilitation of forty four (44) units (each an “Workforce/Middle Income Unit” and, collectively, 
the “Workforce/Middle Income Units”), which are included in the Project and which will be 
restricted for affordability to middle income households and persons in accordance herewith; 
 
 
WHEREAS, the Project is an eligible activity under the Act; 
 

 
 
2 
Form – Build For CT – [Waterford Woods Phase III] 
WHEREAS, the Owner has represented to CHFA certain income and rent restrictions it 
will maintain on the Workforce/Middle Income Units for the period of time as specified in the 
agreement for financial assistance of even date herewith from CHFA to the Owner (the 
“Assistance Agreement”) knowing and understanding that CHFA is relying on such 
representations; 
WHEREAS,  CHFA requires as a condition precedent to the awarding of the Loan under 
the Program, that the Declarant execute, deliver and record this Declaration on the official land 
records of the municipality in which the Land is located in order to create certain covenants 
running with the Land for the purpose of enforcing the requirements of the Act and the use 
restrictions found in Section 4 of this Declaration, by regulating and restricting the use, occupancy 
and transfer of the Project, as set forth herein; 
WHEREAS, the regulatory and restrictive covenants set forth herein governing the use, 
occupancy, operation, and transfer of the Project shall be and are covenants running with the 
Land thereon for a term set forth herein and are binding upon all subsequent owners of the Land 
for such term, and are not merely personal covenants of the Declarant; and 
WHEREAS, CHFA as a condition of its willingness to extend the Loan, requires that the 
Declarant shall, by entering into the terms, conditions and covenants set forth below, consent 
thereby to be regulated and restricted by CHFA as provided herein and by any applicable statutes 
and rules, regulations, policies and procedures of the Program. 
NOW THEREFORE, in consideration of financial assistance under the Program, the 
Declarant agrees as follows: 
Section 1 - Definitions 
All the words and phrases used in this Declaration shall have the same meaning as when 
used in the Act, and applicable State regulations, unless the context requires otherwise. 
Section 2 - Recording Filing, Covenants To Run With the Land 
(a) 
Upon execution of this Declaration by the Declarant, the Declarant shall cause this 
Declaration and all amendments hereto to be filed on the land records of the municipality in which 
the Land is located and shall pay all fees and charges incurred in connection therewith. Upon 
recording, the Declarant shall immediately transmit to CHFA a receipt of the same and shall cause 
the recorded Declaration to be returned by the municipality to CHFA. 
(b) 
The Declarant intends, declares, and covenants, on behalf of itself and all future 
owners and operators of the Land and the Project during the term of this Declaration, that this 
Declaration and the covenants and restrictions set forth in this Declaration regulating and 
restricting the use, occupancy and transfer of the Land and the Project: (i) shall be and are 
covenants running with the land, encumbering the Land and the Project for the term of this 
Declaration, binding upon the Declarant and its successors in title and all subsequent owners and 
operators of the Land and the Project; (ii) are not merely personal covenants of the Declarant; 
and (iii) shall bind the Declarant (and the benefits shall inure to CHFA and any past, present or 
prospective tenant of the Land and the Project) and its successors and assigns during the term 
of this Declaration.  

 
 
3 
Form – Build For CT – [Waterford Woods Phase III] 
(c) 
Declarant hereby agrees that any and all requirements of the laws of the Act to be 
satisfied in order for the provisions of this Declaration to constitute deed restrictions and 
covenants running with the Land shall be deemed to be satisfied in full, and that any requirements 
or privileges of estate are intended to be satisfied, or in the alternate, that an equitable servitude 
has been created to ensure that these restrictions run with the Project.  
(d) 
Declarant covenants to obtain the consent of any prior recorded lien holder on the 
Land and/or Project, as applicable, to this Declaration and to furnish a copy of such consent to 
CHFA.  Such consent(s) shall be furnished to CHFA on or before the date of this Declaration. 
Section 3 - Representations, Covenants and Warranties Of The Owner 
The Owner hereby represents, covenants, and warrants as follows: 
(a) 
The Owner: (i) is a limited liability company duly organized under the laws of the 
State of Connecticut and is qualified to transact business under the laws of the State of 
Connecticut; (ii) has the power and authority to own its properties and assets and to carry on its 
business as now being conducted; and (iii) has the full legal right, power and authority to execute 
and deliver this Declaration. 
(b) 
The execution and performance of this Declaration by the Owner: (i) will not violate 
or, as applicable, has not violated any provision of law, rule or regulation, or any order of any 
court or other agency or governmental body; (ii) will not violate or, as applicable, has not violated 
any provision of any indenture, agreement, mortgage, mortgage note, or other instrument to which 
the Owner is a party or by which it or the Project is bound; and (iii) will not result in the creation 
or imposition of any prohibited encumbrance of any nature. 
(c) 
The Owner will, at the time of execution and delivery of this Declaration, have good 
and marketable fee simple title in and to the premises constituting the Project, free and clear of 
any lien or encumbrance (except for encumbrances created pursuant to this Declaration, or other 
encumbrances permitted pursuant to the terms of the Assistance Agreement). 
(d) 
There is no action, suit, proceeding at law or in equity, or by or before any 
governmental instrumentality or other agency now pending, or, to the knowledge of the Owner, 
threatened against or affecting it, or any of its properties or rights, which if adversely determined, 
would materially impair its right to carry on business substantially as now conducted (and as now 
contemplated by this Declaration) or would materially adversely affect its financial condition. 
(e) 
All Units situated within the Project shall remain habitable, safe and sanitary 
according to all applicable local building codes. 
(f) 
Subject to the requirements of the Act, and this Declaration and with the prior 
approval of CHFA, the Owner may sell, transfer, or exchange the entire Project at any time, but 
the Owner shall notify in writing any buyer or successor in interest or other person acquiring the 
Project or any interest therein that such acquisition is subject to the requirements of this 
Declaration and to the requirements of the Act and applicable regulations.  This provision shall 
not act to waive any other restriction on sale, transfer, or exchange of the Project or any portion 
of the Project.  The Owner agrees that CHFA may void any sale, transfer, or exchange of the 
Project if the buyer or successor in interest or other person fails to assume in writing the 
requirements of this Declaration and the requirements of the Act. 

 
 
4 
Form – Build For CT – [Waterford Woods Phase III] 
(g) 
The Owner shall not demolish any part of the Project, substantially subtract from 
any real or personal property of the Project, or permit the use of any residential rental unit situated 
within the Project for any purpose other than rental housing during the term of this Declaration 
unless required by law or unless the State has given its prior written consent. 
(h) 
If the Project, or any part thereof, shall be damaged, destroyed, condemned, or 
acquired for public use, the Owner will use its best efforts, subject to the rights of any mortgagee, 
to repair and restore the Project to substantially the same condition as existed prior to the event 
causing such damage or destruction, and in the case of a partial condemnation, to restore the 
Project to substantially the same condition as existed prior to such condemnation, to the extent 
feasible, and thereafter to operate the Project in accordance with the terms of this Declaration. 
(i) 
The Owner has not and will not execute any other declaration with provisions 
contradictory to, or in opposition to, the provisions hereof, and that in any event, the requirements 
of this Declaration are paramount and controlling as to the rights and obligations herein set forth 
and supersede any other requirements in conflict herewith. 
Section 4 - Income, Rental, Occupancy and Use Restrictions 
The Owner hereby represents, warrants and covenants that the Workforce/Middle Income 
Units constitute housing for which the tenant income and rent thresholds shall comply with the 
following restrictions during the entire Workforce/Middle Income Period (as defined herein).  The 
Workforce/Middle Income Units shall comprise the following: 
 
(a) 
four (4) one-bedroom Workforce/Middle Income Units each consisting of 
approximately six hundred fifty-five (655) square feet shall be restricted to families and 
persons whose household income does not exceed sixty percent (60%) of the AMI (as 
defined below) and shall have an initial monthly rental (including, without limitation, any 
required amenity, occupancy or use charge) not greater than $1,263.00, and as thereafter 
adjusted in accordance herewith. 
 
(b) 
nine (9) one-bedroom Workforce/Middle Income Units each consisting of 
approximately six hundred fifty-five (655) square feet shall be restricted to families and 
persons whose household income does not exceed eighty percent (80%) of the AMI and 
shall have an initial monthly rental (including, without limitation, any required amenity, 
occupancy or use charge) not greater than $1,685.00, and as thereafter adjusted in 
accordance herewith. 
 
(c) 
fifteen (15) one-bedroom Workforce/Middle Income Units each consisting 
of approximately eight hundred sixty-six (866) square feet shall be restricted to families 
and persons whose household income does not exceed eighty percent (80%) of the AMI 
and shall have an initial monthly rental (including, without limitation, any required amenity, 
occupancy or use charge) not greater than $1,685.00, and as thereafter adjusted in 
accordance herewith. 
 
(d)  
five (5) two-bedroom Workforce/Middle Income Units each consisting of  
approximately one thousand thirty (1,030) square feet shall be restricted to families and 
persons whose household income does not exceed eighty percent (80%) of the AMI and 
shall have an initial monthly rental (including, without limitation, any required amenity, 
occupancy or use charge) not greater than $2,021.00, and as thereafter adjusted in 
accordance herewith. 

 
 
5 
Form – Build For CT – [Waterford Woods Phase III] 
 
 
 
(e) 
eleven (11) two-bedroom Workforce/Middle Income Units each consisting 
of  approximately one thousand two hundred (1,200) square feet shall be restricted to families 
and persons whose household income does not exceed eighty percent (80%) of the AMI and shall 
have an initial monthly rental (including, without limitation, any required amenity, occupancy or 
use charge) not greater than $2,021.00, and as thereafter adjusted in accordance herewith. 
 
For purposes hereof, “AMI” shall mean the area median income for the municipality, 
census tract, or other geographic area in which the Project is located, as such area median 
income is determined by DOH and CHFA and which may be adjusted for household size, with 
reference to data made available by HUD.  When DOH and CHFA amends AMI, CHFA shall make 
such information available to the Owner.  The Owner shall adjust rentals in accordance with the 
AMI subsequently established by CHFA under the Program.  The Owner shall provide each tenant 
with a minimum of thirty (30) days prior written notice before implementing a rental increase. 
 
 
Section 5 - Term of Declaration 
 
(a) 
This Declaration, and the term of affordability specified herein (the 
“Workforce/Middle Income Period”), applies to the Project immediately upon recordation of this 
Declaration, and the Declarant shall comply with all restrictive covenants herein not later than the 
Project Completion Date (as defined herein).  This Declaration shall terminate upon the later of: 
(i) six (6) years from the Project Completion Date; or (ii) the date of full repayment of the Loan in 
accordance with the terms of that certain promissory note made by Owner to CHFA dated on or 
about the date hereof.  For purposes hereof “Project Completion Date” shall mean the date that 
CHFA shall have determined that the Project has been completed in accordance with the 
Assistance Agreement and all certificates of occupancy have been issued for the 
Workforce/Middle Income Units. Upon said termination, CHFA shall promptly execute in 
recordable form a Termination or Release of this Declaration and shall provide such to Owner for 
recording on the Waterford land records. 
 
(b) 
Pursuant to the Act, as amended, this Declaration and the term of affordability shall 
remain in effect for not less than the Workforce/Middle Income Period described in Section 5(a) 
above, without regard to the term of any mortgage or other underlying security and without regard 
to any transfer of ownership. 
 
Section 6 - Enforcement Of Restrictions 
 
(a) 
The Declarant shall permit, during normal business hours and upon reasonable 
notice, any duly authorized representative of CHFA, to inspect any books and records of the 
Declarant regarding the Project with respect to the incomes of tenants of units situated within the 
Project which pertain to compliance with the restrictions specified in this Declaration. 
 
(b) 
On an annual basis, Declarant shall: (i) furnish to CHFA a program certification 
report regarding Declarant’s compliance with its obligations under this Declaration; and (ii) collect 
tenant income certifications for each tenant household living in the Workforce/Middle Income 
Units, all in a format set forth in the Assistance Agreement or as otherwise prescribed by CHFA 
from time to time.  Such program certification report shall be submitted to CHFA on or before 
March 1st for the year ending the preceding December 31st and shall be in a format set forth in the 
Assistance Agreement or as otherwise prescribed by CHFA from time to time.  If requested by 

 
 
6 
Form – Build For CT – [Waterford Woods Phase III] 
CHFA, Declarant shall submit supporting documentation including, without limitation, the tenant 
income certifications and/or permit CHFA to make an on-site inspection of the Workforce/Middle 
Income Units in order to verify the certification(s).  With respect to the Workforce/Middle Income 
Units, Declarant shall maintain said tenant income certifications for five (5) years after the 
expiration of the Workforce/Middle Income Period.  Declarant shall submit any other information, 
documents, or certifications requested by CHFA which CHFA shall deem reasonably necessary 
to substantiate the Declarant’s continuing compliance with the provisions of the restrictions 
specified in this Declaration.   
 
(c) 
The Declarant hereby agrees that the representations and covenants set forth 
herein may be relied upon by CHFA and all persons interested in Project compliance under the 
Act and applicable regulations. The Owner further agrees to submit annual certifications and other 
reports and/or supporting materials to CHFA, upon request, confirming that the Project complies 
with the Act, the Regulations and the restrictions specified in this Declaration and all other 
occupancy restrictions applicable to the Project. 
 
(d) 
The Declarant covenants that it will not knowingly take or permit any action that 
would result in a violation of the requirements of the Act, the Regulations, this Declaration or any 
other occupancy restrictions applicable to the Project.  Moreover, the Declarant covenants to take 
any lawful action (including amendment of this Declaration as may be necessary, in the opinion 
of CHFA) to comply fully with all applicable rules, rulings, policies, procedures, regulations or 
other official statements promulgated or proposed and published by the State from time to time 
pertaining to the Declarant’s obligations under the Act or applicable regulations and affecting the 
Project. 
 
(e) 
The Owner agrees to take any and all actions reasonably required by CHFA to 
substantiate the Owner’s compliance with all occupancy restrictions applicable to the Project as 
now constituted or as subsequently amended. 
 
(f) 
A Workforce/Middle Income Unit occupied by a family or person who, at the 
commencement of occupancy, was in compliance with the income and rent restrictions set forth 
in Section 4 herein (a “Compliant Workforce/Middle Income Unit”) shall be treated as in 
compliance with this Declaration during such family or person’s tenancy in such Workforce/Middle 
Income Unit until such family’s or person’s income exceeds the applicable restriction set forth in 
Section 4 herein.  Upon the occurrence of a person’s or family’s income exceeding the applicable 
restriction in Section 4 (an “Over-Income Event”), the Workforce/Middle Income Unit occupied 
by such individual or family shall continue to be treated as in compliance with the restrictions set 
forth in Section 4 unless, after such Over-Income Event, any Unit in the Project of comparable 
size and character (as determined by CHFA) is occupied by a new resident whose income 
exceeds the same income and rent restrictions applicable to the Compliant Workforce/Middle 
Income Unit. 
 
Section 7 - Recordkeeping 
 
(a) 
During the term of this Declaration, the Owner shall maintain and make available 
to CHFA any and all records, documents, and policies necessary which demonstrate compliance 
with the Act and applicable regulations.  
 
(b) 
The Owner shall maintain all records as required by the Act as applicable and shall 
take any and all actions reasonably required by CHFA to substantiate the Owner’s compliance.  

 
 
7 
Form – Build For CT – [Waterford Woods Phase III] 
This Declaration and the Assistance Agreement of which it is a part may be enforced by the State 
or its designee in the event the Declarant fails to satisfy any of the requirements herein.  
 
Section 8 - Miscellaneous 
 
(a) 
Severability.  The invalidity of any clause, part, or provision of this Declaration 
shall not affect the validity of the remaining portions thereof. 
 
(b) 
Notices.  All notices to be given pursuant to this Declaration shall be in writing and 
shall be deemed given when mailed by certified or registered mail, return receipt requested, to 
the parties hereto at the addresses set forth above, or to such other place as a party may from 
time to time designate in writing. CHFA and the Declarant, may, by notice given hereunder, 
designate any further or different addresses to which subsequent notices, certificates or other 
communications shall be sent. 
 
(c) 
Amendment. The Declarant agrees that it will take all actions necessary to effect 
amendment of this Declaration as may be necessary to comply with the Act and any and all 
applicable rules, regulations, policies, procedures, rulings, or other official statements pertaining 
to the Act.  CHFA, together with the Declarant, may execute and record any amendment or 
modification to this Declaration and such amendment or modification shall be binding on 
third-parties granted rights under this Declaration. 
 
(d) 
Governing Law.  This Declaration shall be governed by the laws of the State of 
Connecticut. 
 
 
No Further Text On This Page – Signature Page Follows 
 
 

 
 
8 
Form – Build For CT – [Waterford Woods Phase III] 
 
IN WITNESS WHEREOF, the Owner hereto has set its hand and seal the day and year 
first written above. 
Signed, Sealed and Delivered 
in the presence of: 
 
WATERFORD CENTRAL, LLC 
 
 
  
 
   
 
By: ________________________________ 
 
 
               Name: 
 
 
Title: 
 
 
Duly Authorized 
 
 
 
 
STATE OF CONNECTICUT  
) 
 
 
 
 
 
) 
ss:  _____________  
__________, 2024 
COUNTY OF   
 
 
) 
 
 
Personally appeared, _________________, _________ of Waterford Central, 
LLC, a limited liability company as aforesaid Signer and Sealer of the foregoing Instrument and 
acknowledged the same to be [his/her] free act and deed as ___________________ of said 
limited liability company, and the free act and deed of said limited liability company, and that said 
instrument was signed on behalf of and with the authority of said limited liability company before 
me. 
 
 
 
 
 
 
 
 
__________________________________ 
 
 
 
 
 
 
Commissioner of the Superior Court 
 
 
 
 
 
 
Notary Public