The Connecticut Housing Finance Authority (CHFA) announced the award of $10.28 million in tax credits to several affordable housing developers. The funds from the federal 9% Low Income Housing Tax Credit (LIHTC) program will provide funding to build or rehabilitate 439 rental units, 348 of which designated as affordable.
CHFA administers LIHTC allocations. This round of 9% LIHTC awards will generate more than $100 million in equity from private investors, and is expected to create 608 jobs, $219.5 million economic activity, and $12.6 million in net state revenue.
Chairwoman of CHFA’s Board of Directors and Commissioner of the Department of Housing Seila Mosquera-Bruno expressed her support of the LIHTC program:
“We all know that more affordable housing is needed in Connecticut. The tax credits awarded today will help to build new housing and renovate existing units to provide safe, sustainable housing for residents. Several of the proposed developments are also located near transit, so residents can reduce or eliminate the need for a vehicle … By leveraging these federal dollars with the private sector investment, we will boost economic growth and development, while making Connecticut a more attractive place for young people to live and work.”
The funds were awarded as follows:
- Norwalk-Washington Village, Phase 3 – $2,182,797
- Hartford-Westbrook Village II – $1,259,874
- New Haven – Farnam Court Phase II – $1,557,420
- East Lyme – Rocky Neck Village – $1,496,082
- West Hartford – The Elms – $959,207
- Griswold – Oak Tree Village – $1,698,914
- Shelton – River Breeze Commons – $1,126,989
Click here to read the full press release.