Tax Credit Boosts Affordable Housing
Affordable housing is a key factor for Connecticut’s people and businesses alike. Companies need good employees and workers need the security of a good home.
That’s why the news is also good from New Haven, courtesy of the Connecticut Housing Finance Authority.
CHFA has granted the Greater New Haven Community Loan Fund $500,000 in business tax credits. The credits will help capitalize a Revolving Loan Fund for a Workforce Housing program to support the financing needs of developers who create or sustain affordable rental or homeownership housing in New Haven for low and moderate income wage-earners.
Now the loan fund is now looking for interested and eligible corporations who might want to purchase the Housing Tax Credits under this program.
In brief, the program works this way, says the Fund:
A C Corp that owes certain corporate taxes to the state would make a charitable contribution to the Fund. In return, the company would get a dollar-for-dollar reduction in their corporate business tax obligation to the state.
The credit can go forward or backward up to five years.
Here’s lots more info about the program.
This is a great, practical way to help increase the supply of affordable housing in Connecticut.
To get started, contact GNHCLF Executive Director Carla Weil at firstname.lastname@example.org –for more information about the Housing Tax Contributions Program. Or, call CBIA’s Adam Ney at 860.244.1933.
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