Williams, Northeast Utilities Deliver $350,000 for Affordable Housing to Willimantic ACCESS Agency

Willimantic, CT – December 11, 2012 – (RealEstateRama) — Northeastern Connecticut’s affordable housing stock received a major boost Monday with the announcement that the ACCESS Agency will receive $350,000 as part of the state’s Housing Tax Credit Contribution (HTCC) program. Senate President Donald E. Williams (D-Brooklyn) and Rep. Mae Flexer joined with Peg Morton, Northeast Utilities Vice President for Government Affairs to present Peter S. DeBiasi, ACCESS Agency’s President and CEO with a ceremonial check.

“One of the most effective ways to build community and grow jobs is for cities and towns is to provide quality, affordable and diverse home ownership and rental options for its’ residents,” said Senator Williams. “The Housing Tax Credit Contribution program benefits the surrounding neighborhoods through quality housing renovation, and through owner landlord-ship as opposed to absentee landlord-ship. The ACCESS Agency is going to do great things for area families with these funds. I want to thank Northeast Utilities for helping make this possible.”

The Connecticut Housing Finance Authority (CHFA) administers the state Housing Tax Credit Contribution program to provide funding for housing programs sponsored by non-profit developers in Connecticut. 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 eligible individuals who are purchasing a home; or a Workforce Housing Loan Fund that lends money to individuals purchasing a home in the city or town where they work.

Under the HTCC program, a non-profit corporation like the ACCESS Agency can receive up to $500,000 annually in state tax credits which 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 state HTCC tax credits on a competitive basis to non-profit corporations.

“We are delighted to pitch in and help organizations like The Access Agency that need the money to fulfill their important housing missions,” said CL&P President and Chief Operating Officer Bill Herdegen. “Their programs are much more than putting a roof over someone”s head—they are also helping to create jobs and drive economic growth, which benefits everyone in Connecticut.”

The ACCESS Agency is seeking to expand the supply of quality affordable housing for low-income individuals and families in Windham by rehabilitating two multi-family homes totaling five units of housing via its Access to Assets Windham program.

“We are delighted to receive these tax credits to help us increase decent, safe, affordable, high-quality housing,” said Peter S. DeBiasi, ACCESS Agency’s President and CEO. “These types of investments by the state are smart for our communities and families—especially during these tough economic times.”