CHFA awards tax credits to nonprofit developers of affordable housing projects

The Connecticut Housing Finance Authority (CHFA) has awarded $10 million in the State Housing Tax Credit Contributions program to nonprofit developers of affordable housing and nonprofit housing loan programs in Connecticut.

The recipients ”“ which include several Fairfield County organizations ”“ can offer the tax credits to business firms in exchange for a cash contribution toward their affordable housing developments or loan funds. Businesses buying the credits receive a dollar-for-dollar tax credit toward their state taxes.

Eversource Energy will be purchasing the tax credits in 2020, as it has for multiple years.

“I am proud that the HTCCs will fund a range of affordable housing options in urban, suburban and rural areas and in all four corners of the state,” said Nandini Natarajan, CHFA”™s chief executive officer.

“This year, credits are being awarded to developers of supportive housing, elderly and family housing, as well as loans for Habitat for Humanity homeowners and loan funds that support affordable housing and homeownership.”

The 2020 HTCCs will support the development of 668 affordable units in 16 communities as well as providing loans for construction, repair or rehabilitation of housing for the benefit of low- and moderate-income households.

The projects include:

*The recipient is a loan fund, which provides financing for the construction, rehabilitation and repair projects on affordable housing units, so the number of units to be impacted cannot be determined at this time.