Hartford Business Journal

www.HartfordBusiness.com • August 27, 2018 • Hartford Business Journal 7 Member FDIC Equal Housing Lender 866.959.BANK (2265) bankatunited.com GIVE YOUR SAVINGS A BOOST. Bring this coupon to any United Bank branch to take advantage of this limited time offer. Offer expires September 30, 2018 TO THE CURRENT RATE OPEN ANY NEW CD AND ADD 0.10 % APY As of July 23, 2018, a 12 month CD Annual Percentage Yield (APY) equals 0.55%. Bring in this coupon and add 0.10 APY for 0.65% APY. A minimum balance of $500.00 required to obtain the advertised bonus annual percentage yield. Fees could reduce the earnings on the account. CD Terms vary. A penalty may be imposed for early withdrawal. Limit one coupon per customer per CD opened. Sr. Solutions Architect with Voya Services Co in Windsor, CT. Dvlp & support business applications using webMethods (wM 6.x, wM 8.x, wM 9.x) on both ESB and B2B integrations. Prepare charts and diagrams, and develop coding logic flowcharts. 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DELIVERING BUSINESS HARTFORD BUSINESS JOURNAL 10,000 or more permits were autho- rized in some years. Southington home builder Tony Denorfia, too, can find little to cheer about beyond that his company will build 14 pre-sold houses priced from $440,000 to $600,000 this year, about the same number as in recent years. However, AA Denorfia Building & De- velopment LLC has capacity to erect 24 units annually, he said. Typically, Denofria, Santini and other Connecticut builders have counted in years past on a ready-made "move-up'' market of Baby Boomers and the eldest members of Generations X and Y eager to put their growing families into big- ger, more amenity-laden homesteads. But as more Millennials choose to stay with their parents, focus on build- ing their careers and pay off student- loan debt, the old pathways to home- ownership have atrophied, builders say. To take up the slack, Denorfia keeps his crews busy building apartments, like the 45-unit, first-phase of his company's Winding River Apartments going up in Southington. "Our guys are very busy,'' he said. "Once you lose them, who are you go- ing to replace them with?'' Recruiting/training replacements is one thing, but even if housing demand shot up tomorrow, builders say lo- cal town boards' building and zoning review-approval requirements means it would take months before they could even begin carv- ing out lots and installing utilities and paving roads. HBRACC CEO Eric Person estimates that 25 cents of each dollar of a newly built home is tied up in satisfying local, state and federal rules and building-safety codes. Meantime, af- fordable-housing advocates also worry that Con- necticut's new- home slump will counteract the state's ambitious efforts at lift- ing its inventory of owned and rented affordable housing. Charles Pat- ton III, senior policy adviser and research manager for The Partnership for Strong Communities, a Hartford housing advocacy nonprofit, said Con- necticut has the seventh highest rental housing costs in the country. Also, Patton said the 2016 Census counted four in 10 Connecticut citizens age 18 to 34 still living with their parents — the second highest ratio after New Jersey. "Those Millen- nials can't enter the rental mar- ket,'' Patton said, "and they can't enter the home- buying market.'' That puts the state, Patton said, in a negative "cyclical feedback loop'' in which lower demand means fewer homes get built, pushing more people to rent, driving up those costs and further ebbing the pool of eligible buyers. Meantime, Santini Homes is staging an open house Labor Day weekend to sell its 29 Abbott Road spec home, to which it added at no cost another 500 square feet of living space, plus other new amenities. A housing- development outlier One development may be bucking Connecticut's housing slump. Trademark Acquisitions LLC has proposed building 92 single- family homes in Bristol's west end. The developer bought the nearly 56-acre vacant lot along Barlow Street and Farrell Avenue about two years ago and hopes to erect homes priced for young families not looking for a fixer-upper, Mark Ziogas, an attorney representing Trademark, previously told HBJ. The proposed development dwarfs what is typically seen for similar subdivision projects in Bristol, town officials said. Housing permits issued in CT (1960-2017) Number of permits Source: U.S. Census Bureau/CT Dept. of Economic and Community Development

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