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GRISWOLD, CT – November 1, 2010 – (RealEstateRama) — State Sen. Andrew M. Maynard (D-Stonington), who is Senate Chairman of the legislature’s Veteran’s Committee, today welcomed news that Connecticut Light & Power has purchased $500,000 worth of state housing tax credits in order to help create 18 units of affordable housing for veterans on the site of the American Legion Hall in the borough of Jewett City.
“This is a win for state business, it’s a win for non-profits, but most importantly it’s a win for the veterans of southeastern Connecticut,” Sen. Maynard said. “This is exactly the type of project the legislature had in mind when it created this housing tax credit. I have to tell you, it’s good to see corporations and non-profits working together for the betterment of our community and our veterans, and I’m proud that the legislature had a hand in enabling all this.”
The housing tax credit contribution program (HTCC) was created by the state legislature and is overseen by the Connecticut Housing Finance Authority (CHFA). Under HTCC, a non-profit corporation can receive up to $500,000 annually in state tax credits; those credits can then be sold to state business firms in return for cash contributions to the non-profit corporation’s housing program. Each year CHFA allocates up to $10 million in HTCC tax credits on a competitive basis to non-profit corporations.
In this instance, The American Legion Veterans Housing, Inc. applied for and received the maximum $500,000 tax credit, which it then sold to CL&P for cash to help rehabilitate the exisiting American Legion Hall and to construct an additional building which will result in 18 units of affordable housing for veterans.
The intent of the HTCC program is to make funding available for the development of affordable rental housing that benefits very low, low- and moderate- income families in Connecticut. The program also can be used to capitalize a Revolving Loan Fund that lends money to affordable housing developments or to eligible individuals who are purchasing a home, or to a Workforce Housing Loan Fund that lends money to individuals purchasing a home in the city or town where they work.
For more information, visit: www.chfa.org
Jaclyn.Falkowski (at) cga.ct (dot) gov
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