Several Connecticut communities are getting an affordable housing boost after more than $11 million in federal tax credits was awarded to six renovation or construction projects in towns and cities statewide.
The funding will allow for the construction or renovation of nearly 500 apartments of which nearly 90% will be affordable.
The funding comes largely from 9% Low-Income Housing Tax Credits (LIHTCs) administered by the quasi-public Connecticut Housing Finance Authority (CHFA).
“The Low-Income Housing Tax Credit program remains one of the most important resources available for financing affordable housing in Connecticut,” CHFA Chief Executive Officer Nandini Natarajan said. “Through these allocations, we are helping advance developments that will bring new housing opportunities to communities across the state while leveraging significant private investment alongside public funding.”
The money will go toward projects across Connecticut, in Cromwell, Farmington, Hartford, Naugatuck and New Britain.
A project in Hartford and another in New Britain, dubbed the Mary Shepard Place and the Mount Pleasant Redevelopment, respectively, will involve demolishing existing affordable housing and constructing new apartments on site.
The projects in Farmington and Cromwell include a total of 62 apartments reserved for state Department of Developmental Services (DSS) clients.
“These developments reflect the State’s broader efforts to support housing choice, strengthen communities, and ensure residents at a range of income levels can find quality housing in Connecticut,” Connecticut Department of Housing Commissioner Seila Mosquera-Bruno said.
