NORWALK — The city has sold $16.4 million in bonds to finance housing for senior citizens and other redevelopment projects. The city will pay an average interest rate of 7.99% a year to retire the bonds by the year 2019, according to a city report.
The bond issue was the first by the Norwalk Community Facilities Financing Authority, which was formed by the City Council last August. The financing authority is a funding tool that combines revenues from the Redevelopment Agency, parking and other sources to back larger bond issues.
City officials plan to use at least some of the bond money to build about 100 apartments for low- and moderate-income senior citizens, an official said.