Recession Hosuing Greenwich

Greenwich is known to be an affluent town which gives the public the impression that to find a home or a place to stay there means spending hundreds of thousands of dollars. If you do happen to have plans to permanently reside at Greenwich however, you may find it useful to know the following facts about Greenwich housing :

1. There is the Greenwich Housing Authority that was created in 1946 to help people, such as those who have relocated; new immigrants; minorities and those who are underemployed to find a home for them or their family that will suit both their budget and their needs.

2. Greenwich Housing owns and controls about about 800 units of about 15 properties. It has helped house more than 3000 families and continues to do so. There are cases when even those who are unemployed were granted a home, as the family was “assisted” in finding employment, schooling for the children and most of these “assisted families” were able to pay back or completely purchase their own homes.

3. Affordable housing is available. The State of Connecticut has provided financing for those intending to buy homes at the Adam’s Garden, which are garden style apartments. There is also the Armstrong Court which now is composed of 144 family apartments. In 1984, the Town Hall Annex was converted into a family aapartment which now houses 28 families. There is also the McKinney Terrace I built in 1988 which today houses 21 new families and another special housing project, the McKinney 2, which is specifically for the elderly.

4.There are HUD subsidized units available. This started with the construction of the Wilbur Peck Court in 1953 which has continued to house families. There is also the Query Knoll for the elderly which are housing apartments designed and created specifically to suit the needs of senior citizens. Likewise, there is also the Agnes Morley Heights, developed in 1973 which today is housing about 150 senior citizens in apartments. Today, there is Greenwich Close which was recently developed and which today has started housing 17 families in regular apartment type homes.

5. Consider and study the possibility of owning one of the scattered site units like those located at Edgewood Avenue which has now sheltered 7 families. In 1992, Duplex and apartment type buildings were built for those who could afford only low-cost housing. Then in 1999, Oakridge Street and Homestead Lane was developed for those who could not afford expensive homes.

6. Also study the trend of the present recession and its effect on the prices of houses, even in the Greenwich area. Several houses are now available at foreclosure cost and the Housing Authority is usually willing to help you buy foreclosed properties at the lowest prices. Remember that one does not have to be rich or have all the cash to redeem or buy a property. There are several financial institutions, particularly after the bailout stimuli, who are supposed to assist you have your own home if you are employed.

The word recession may sound like a bad word for those who do not know how to see the opportunity amidst all the bad news. Several great wealth have been made during hard times. There is nothing amoral in purchasing a foreclosed property at the lowest price possible even if it is in some affluent town like Greenwich. Remember that when you redeem a foreclosed property, you are helping the economy.

Consulting with the Greenwich Town Housing Authority and gathering all the facts would do anyone who wants to home in Greenwich a lot of good. Information is always key when one wants or needs something badly.