Cadance on Canal Ribbon Cutting Ceremony

LISC Fund Management Team
Jul 31
2 min read

On Tuesday, July 29, LISC Fund Management proudly celebrated the ribbon-cutting and grand opening of Cadence on Canal, an affordable housing development bringing high-quality, income-restricted homes to the heart of New Haven, CT. The event marked a significant milestone in the city's ongoing efforts to expand equitable access to housing. Local leaders, community members, and development partners gathered to commemorate the occasion and tour the thoughtfully designed residences. Michael Skrebutenas, LISC’s VP of Fund Investments, spoke at the ceremony, highlighting the power of collaboration in creating comprehensive communities and the importance of long-term investment in neighborhoods such as this one.

To celebrate, we were joined by the City of New Haven Mayor Justin Elicker, LISC Connecticut, Developers Yves-George A Joseph and Jason Rudnick, Alder Jeanette Morrison New Haven, Ward 23, City of New Haven Board of Alders, Garrett Sheehan, President & CEO, Greater New Haven Chamber of Commerce, and Arlevia Samuel, Deputy Administrator, Housing Administration and Development, City of New Haven.

Cadence on Canal is a 150 unit mixed-use, mixed-income development project located in an opportunity zone in New Haven, CT about ½ mile from the Yale University’s main campus. The Project will also include 4,024 SF for commercial (retail) use. Fifty (50) of the units will be set aside for incomes at 80% AMI or below for at least 20 years. The project is expected to also include a small amount of commercial space – neighborhood retail storefronts.

The sponsor is Yves-George A Joseph and Jason Rudnick of RJ Development and Advisors, LLC (RJDA), a full-service commercial real estate development firm based in New Haven, CT. RJDA principles have over 25 years of combined experience in commercial real estate, development, finance, and law; delivering over $350 million in real estate development projects multiple asset classes on a national basis.

National Strategic Impact Investments Fund (NSIIF) provided a $2.5 million predevelopment loan for the acquisition and predevelopment costs of the mixed-use property. The total development costs are $37 million.

Impact Highlights:

50 rental units < 80% AMI in a neighborhood with high need for affordable housing
4,024 SF commercial (retail) space to encourage economic activity in the area
Residential amenities to include common clubroom, outdoor seating area/lounge, fitness center, in-unit washer/dryer, and lobby