Three Fairfield County developers receive CHFA tax credits for affordable housing developments

Three Fairfield County nonprofit housing developers are among the recipients of the $10.9 million awarded by the Connecticut Housing Finance Authority (CHFA) from the State Housing Tax Credit Contribution (HTCC) program to encourage the construction of affordable housing.

Fairfield Commons

According to the CHFA, the recipients offer the tax credits to business firms in exchange for cash contributions toward their affordable housing developments or loan funds. Businesses purchasing the credits receive a dollar-for-dollar tax credit toward their state taxes.

Among the 23 recipients named by the CHFA were a trio of local developers and projects. Building Neighborhoods Together received $500,000 for the 8-unit South End Homeownership Initiative in Bridgeport; Habitat for Humanity of Coastal Fairfield County received $500,000 for its 6-unit Habitat Affordable Homeownership 2021 endeavor covering Bridgeport and Stratford; and Pacific House Inc. received $500,000 for its 16-unit Fairfield Commons development.

“The HTCC program plays a vital role in attracting private investment to affordable housing in Connecticut,” said Seila Mosquera-Bruno, chairwoman of the CHFA”™s board of directors and commissioner of the Department of Housing. “We strive to make every unit of affordable housing that we fund available as soon as possible. As the pandemic has intensified the impact of housing instability on Connecticut residents, this program provides an opportunity for nonprofit developers to fill gaps in their funding, bringing a project to completion in less time.”