CHFA awards $9.7M in tax credits to create or support 497 housing units in Connecticut
The tax credits have been allocated to 20 nonprofit developers in 14 towns across Connecticut.
The Connecticut Housing Finance Authority, or CHFA, announced the 2025 awardees of the Connecticut Housing Tax Contribution, or HTCC, on Friday.
The program is meant to increase housing opportunities for low- and moderate-income people and families throughout Connecticut.
This year, CHFA is allotting $9.7 million in tax credits to 20 nonprofit organizations to help provide the resources needed to create, renovate and sustain affordable housing locally.
The 20 nonprofit developers will work in 14 towns across the state. These include Bridgeport, Enfield, Hamden, Hartford, Middletown, New Haven, New London, New Preston, North Stonington, Norwalk, Norwich, Old Saybrook, Stamford and Waterbury.
The funding will result in the creation and improvement of 497 housing units.
“Year after year, the HTCC program demonstrates the power of public-private partnerships in delivering affordable housing solutions,” CHFA Executive Director and CEO Nandini Natarajan said in a release.
He added that the credits play a key role in the state’s “toolkit of housing resources.”
“From financing new construction to preserving existing homes, HTCC investments are helping us meet the diverse needs of communities across the state and ensuring residents have access to safe, stable and affordable homes,” Nandini said.
According to the CHFA release, four awardees will create new affordable housing units, eight will focus on rehabilitating existing properties, and six will use the proceeds to create and/or rehabilitate properties for homeownership opportunities.
The other two awardees will use revolving loan funds for down payment and closing cost help, which will ultimately benefit low- and moderate- income individuals and families.
Additionally, the Open Doors Shelter, Columbus House, The Connection Fund and St. Vincent de Paul Middletown will use Supportive Housing Set-Aside funds to create new units for people experiencing homelessness.
The HTCC program was launched in 1987 and encourages business investments in the development and preservation of affordable housing by providing state tax credits to apply to their corporate taxes.
The investments support nonprofit housing programs that help Connecticut residents who need affordable rental and home ownership opportunities.
All the nonprofits selected as part of the 2025 edition of the program will develop or rehabilitate homes to help meet critical needs.