Hartford Connecticut, known as the insurance capital of the world, has suffered severe economic fallout in recent times due to the migration of large insurance firms from the area. These firms formerly constituted a large percentage of the city’s economic activity and were a draw for talent to the city. Over the past decade, the departure of Hartford's insurance sector has taken with it the talent and economic activity that was once fundamental to the community’s social and economic environment. Since, crime and poverty rates have risen steadily and high school, as well as college graduation rates, have experienced a rapid decline. As a result of these metrics, the area has become increasingly unattractive for businesses and individuals alike forcing the city into a perpetual state of erosion. Across the board, Hartford ranks in the lowest percentiles regarding income, poverty, employment, and education, and the result is a city with little civic engagement, limited tax-base, restricted business development opportunities, and meager attractiveness to companies and entities. We seek to break this downward spiral and initiate the economic recovery we believe Hartford is well positioned for by providing affordable and market-rate living solutions as well as multi-use commercial space under one roof. By overtaking the existing renovation efforts of an ex-organ factory, we are confident we can address Hartford’s growing need for affordable housing, encourage unity across economic classes and ultimately contribute to the return of economic and community development to the area. Our earlier research about Hartford identified several community needs:

● Need of affordable housing to increase number of residents

● Need of educational opportunities to supply an educated workforce

● Need for economic activity to attract small businesses

● Need to increase tax revenue

Not only does our development project addresses previously identified community needs, but it provides investors an opportunity to achieve higher than expected internal rate of return (please refer to the Financial Summary and attached Proforma for financial details).

Hartford was founded in 1635 and is among the oldest cities in the United States. Throughout the 19th century and well into the 20th century, Hartford was a center of influence, had a strong economy and was one of the wealthiest cities in the country. It also had secured its place as a major manufacturing city. The arrival of the 20th century also brought about some hardships for the city. This included one of the worst fires in the history of the US—the Hartford Circus Fire. Despite the disaster, the city was continuing to grow, with many Puerto Ricans moving to the area. However, in the 1950s, the expansion of suburbs led to population loss in the city limits. Businesses shut down or moved as suburban areas continued to grow. The population continued to drop through the 1990s, and it has been up and down ever since. Today, it is one of 1 the poorest cities in the U.S., with 3 out of every 10 families living below the poverty threshold . 2 Hartford is also one of the top 100 most dangerous cities in the U.S.A.3 The Metro Hartford region is at a unique point in its economic development history. Though Hartford has suffered a decade of economic stagnation, it is poised for growth. The Hartford business community includes strong financial/insurance firms, a resurgent manufacturing sector, and an emerging biotechnology industry.

The Hartford metro area is home to over a dozen colleges and universities, 38 towns representing a diversity of lifestyle options, growing public transit network, a rebirth of riverfront access, and a growing number of activities and attractions that support the community and can spur additional economic growth. The challenges of Hartford come from low wage growth, growing inequality and skills gap amongst residents and rising cost of housing. This report provides a detailed analysis of the historical context of Hartford, demographics and key players in the community in areas of financial lending, neighborhood organizing and public governance.