HARTFORD, Conn. (AP) — The Connecticut Housing Finance Authority has awarded $10 million in special tax credits to encourage more affordable housing.
State Housing Tax Credit Contributions, or HTCCs, were awarded this month to a dozen nonprofit developers and nonprofit housing loan funds that are developing 596 affordable units in 16 communities. Under the program, recipients can offer the tax credits to businesses in exchange for a cash contribution.
Seila Mosquera-Bruno, chair of the authority’s board of directors and Connecticut’s housing commissioner, says the program provides nonprofits with access to private funding while offering businesses a chance to invest in affordable housing while reducing their tax liabilities.
The projects range from six affordable homes being built in Norwich by Habitat for Humanity of Eastern Connecticut to the renovation of 186 affordable apartments in Trumbull.