Monterey Village

Monterey Village Redevelopment Story

In 1996 a Federal Court Magistrate appointed Vesta as Receiver of Rents for Monterey Village after the Housing Authority abated payments on the Section 8 contract. The property’s general partner had neglected the property and its residents. Basic maintenance requirements were not met, tenant safety needs and work order requests were not satisfied, and the property was menaced by drug dealers and other crime.

Vesta was called on by the Housing Authority and several limited partners to restore the property. We reached agreement with HUD and the Housing Authority on the necessary steps to restore operations; the Housing Authority resumed Section 8 payments immediately. The general partner was replaced by a Vesta affiliate, and Vesta worked closely with the tenants, HUD, the Housing Authority, and the Norwalk Police to rehabilitate Monterey Village.

The Financing

The project's mortgage was refinanced through a $5.2 million tax exempt bond issue, which also provided funds for more than $1 million of renovations. Vesta also obtained three HUD grants totaling $750,000, for security improvements and staffing.

The Result

Within 24 months, occupancy went from below 75% to over 90%, criminal activity was all but eliminated, and both the physical and fiscal conditions were restored. Monterey Village was once again a livable, operational community.

For Rental Information

Monterey Place
Norwalk, CT 06854
Tel. 203.838.2921
rentals@vestacorp.com

For More Property Information