The Connecticut Housing Finance Authority (CHFA) announced it is awarding $10 million in state Housing Tax Credit Contributions (HTCCs) to support the development of more than 596 new affordable units in 16 communities.
The awards are made to nonprofit developers and nonprofit housing loan funds. The recipients then can offer the tax credits to business firms in exchange for a cash contribution toward their affordable housing developments or loan funds. Business firms receive a dollar-for-dollar tax credit toward their Connecticut taxes.
“The HTCC program is an important public/private partnership. For nonprofits, it provides access to the private funding they need to build more affordable housing. For businesses, it offers opportunities to invest in affordable housing, while at the same time reducing tax liabilities,” said Seila-Mosquera-Bruno, chairwoman of CHFA’s board of directors and commissioner of the state’s Department of Housing.
The HTCC program was created by the state Legislature as an incentive to create and preserve affordable housing. $10 million is awarded annually, with a maximum $500,000 award per nonprofit per year. The HTCC program is administered by CHFA, and the credits are awarded on a competitive basis. The program requires a $1 million set-aside for workforce housing and a $2 million set-aside for supportive housing.
This year, 43 applicants requested $15 million in tax credits. The $10 million available was allocated to 24 nonprofit developers and housing loan funds.
”The applications are reviewed and ranked based on feasibility and readiness to proceed, affordability, applicant capacity and goals accomplished, livability initiatives, and compliance,” said Diane L. Smith, CHFA interim executive.
This year’s HTCC recipients reflect the broad spectrum of affordable housing needs in Connecticut. Habitat for Humanity of Eastern Connecticut in Norwich received tax credits to build six affordable homes that will be purchased by future homeowners, while the Housing Authority for the Town of Trumbull will use its credits to finance the renovation of 186 affordable apartments at Stern Village.
| Project Name | Non-Profit Developer | Project Town |
| Capital for Change Loan Pool | Capital for Change | Various |
| St. Stephen`s Townhouses | Carrie P. Chandler Housing Development Corp. | Branford |
| Shepherd Home | Columbus House | Middletown |
| Norwich Multi-family Rehabilitation | Eastern Connecticut Housing Opportunities | Norwich |
| Edythe K. Richmond Homes | Greater Stonington Realty Corp. | Pawcatuck |
| 73 Belden St. – 2019 HTCC | H.O.P.E. | New London |
| Habitat Affordable Homeownership | Habitat for Humanity of Coastal Fairfield County | Bridgeport |
| Greeneville NRZ Homes Phase 3 2019 HTCC | Habitat for Humanity of Eastern Connecticut | Norwich |
| New Haven Habitat Homes | Habitat for Humanity of Greater New Haven | New Haven |
| Hartford Habitat Homeownership Project | Hartford Area Habitat for Humanity | Hartford |
| Hartford Community Loan Fund | Hartford Community Loan Fund | Various |
| Live Where You Work Program Round 14 | Housing Development Fund | Various |
| Union School Apartments | MHA of South Central Connecticut | East Haven |
| Evergreen, Pine and Gridley Homeownership | Neighborhood Housing Services of New Britain | Bristol |
| Affordable Homeownership Development Project | Neighborhood Housing Services of New Haven | New Haven |
| 13 Friendship Street | New London Homeless Hospitality Center | New London |
| 23 Franklin Street Homeownership Development Project | New London Landmarks | New London |
| Clintonville Commons | North Haven Opportunity for Affordable Housing | North Haven |
| 699 Main Street | Northeastern Connecticut Community Development Corp. | Willimantic |
| Parkview Supportive Housing | Pacific House | Norwalk |
| Helen DeVaux Apartments | SHA, Inc | Shelton |
| Stern Village Apartments | The Housing Authority of the Town of Trumbull | Trumbull |
| Hevrin Terrace | Willimantic Development Corp. | Willimantic |
| WYSH House | Women and Families Center | Meriden |