Columbus House, Shepherd Home win state grants

ROCKY HILL — The Connecticut Housing Finance Authority awarded $10 million from the state Housing Tax Credit Contributions program to nonprofit developers of affordable housing and housing loan funds.

The recipients can now offer tax credits to firms in exchange for a cash contribution toward their affordable housing developments or loan funds. Business firms receive a dollarfordollar tax credit toward their state of Connecticut taxes, according to a press release.

Both the Shepherd Home, which offers housing for veterans, and Columbus House of Middletown, which works with the homeless, are among the agencies to receive monies.

“The HTCC program is an important public/private partnership. For nonprofits, it provides access to the private funding they need to build more affordable housing. For businesses, it offers opportunities to invest in affordable housing, while at the same time reducing tax liabilities,” SeilaMosqueraBruno, chairwoman of CHFA Board of Directors and Commissioner of the state’s Department of Housing, said in a prepared statement.

The HTCC program was created by the state Legislature as an incentive to create and preserve affordable housing. In all, $10 million is awarded annually, with a maximum $500,000 award per nonprofit per year, the release said.

The program is administered by CHFA, and the credits are awarded on a competitive basis. The program requires a $1 million setaside for workforce housing, and a $2 million setaside for supportive housing. A total of 43 applications, requesting $15 million in tax credit,s were received, according to the organization.

The $10 million available was allocated to 24 nonprofit developers and housing loan funds.

“The applications are reviewed and ranked based on feasibility and readiness to proceed, affordability, applicant capacity and goals accomplished, livability initiatives and compliance,” Diane L. Smith, interim executive director of CHFA, said in the release.

The 2019 HTCCs will support the development of more than 596 new affordable units in 16 communities. Details can be found at chfa.org.

Hearst Connecticut Media file photo The Shepherd Home at 112 Bow Lane in Middletown houses 32 veterans who are homeless or at risk of being so into permanent housing with supportive services.