The Connecticut Housing Finance Authority has approved $7.49 million in tax credits to build 347 affordable housing units in Bridgeport, Hartford, New Haven, Simsbury and Waterbury.
In Bridgeport, five buildings will be built on two vacant lots near St. Paul’s Lutheran Church and the Beardsley Zoo, for a total of 56 new units.
“These credits help stimulate private investment in affordable housing and they build good partnerships between private sector and nonprofit developers, investors, and supporters of affordable housing,” Eric Chatman, CHFA president, said in a press release. “In selling the tax credits to investors, developers bring approximately $10 million in net equity for each $1 million in credits to be used toward building a development. This is a strong return on investment, and the projects help improve our housing stock.”
Over the next 10 years, the state plans to invest $500 million in expanding affordable housing options in Connecticut. The recent investment is expected to create 1,079 jobs, $150.7 million in economic activity and $12.1 million in state revenue.
