State Housing Tax Credit
Contribution (HTCC) Program
Who can apply for Housing Tax
Credit Contribution program
Under the Housing Tax Credit Contribution program, a
non-profit corporation that develops, manages, or sponsors
affordable housing in Connecticut may apply for up to
$500,000 of tax credits each year. A qualified applicant
must establish his non-profit credentials by submitting to
CHFA an endorsed Certificate of Incorporation certified by
the Secretary of the State, a certification that the
non-profit corporation is in existence from the Secretary of
the State's Office and a copy of the letter from the
Internal Revenue Service determining that the corporation
qualifies as an exempt organization under section
the Internal Revenue Code.
What types of housing programs are eligible to benefit
from Housing Tax Credit Contribution program tax credits?
Generally, the Housing Tax Credit Contribution (HTCC)
program provides capital for the following types of
developments or housing programs:
- Affordable Housing Developments
HTCC allocations can be used to fund the development,
acquisition, and/or improvement of affordable housing
for very low, low, and moderate income families in
- Affordable Housing Revolving Loan Funds
HTCC allocations can be used to capitalize Revolving
Housing Loan Funds that lend money to affordable housing
developments or eligible low-income individuals
- Workforce Housing Loan Funds
HTCC allocations can be used to capitalize Workforce
Loan Funds that lend money to eligible individuals
purchasing a home in the city or town where they work.
What size tax credit is a
non-profit corporation eligible to receive under this
Typically, a non-profit corporation can be awarded up to
$500,000 in any fiscal year in HTCC tax credits which can
then be sold to eligible Connecticut business firms to
obtain cash contributions towards the non-profit
corporation’s housing development or program.
Though a non-profit corporation is subject to a yearly
limit of $500,000 in HTCC tax credits, there is no cap on
the amount of HTCC credits a non-profit corporation can be
awarded for a housing program. The non-profit corporation
may continue to apply for additional credits each year.
What else should
non-profit organizations know about the
The following additional considerations apply to the HTCC
- The HTCC program requires $3 million in
Of the up to $10 million in state tax credits that CHFA
allocates annually through the HTCC program, $2 million
is set-aside for Supportive Housing and $1 million is
set-aside for workforce housing as defined by CHFA.
- The HTCC program requires compliance
Housing programs that benefit from cash contributions
under the HTCC program are monitored for compliance.
Non-profit sponsors are required to submit quarterly
progress reports to CHFA. Housing programs that fail to
meet their project schedule and completion dates may be required to forfeit
funds contributed by business firms to CHFA and the HTCC
credits will be returned to CHFA. These
reclaimed credits will then be distributed in subsequent
HTCC funding rounds.
What else should contributing business firms know about
the Housing Tax Credit Contribution program?
- Eligible business firms may be able to claim
a charitable deduction for their contribution.
While cash contributions made by eligible business firms
under the HTCC program represent a dollar-for-dollar
credit against their corporate taxes, these firms may
also qualify for federal and state contribution
deductions and can realize significant tax savings.
Is training available for the Housing Tax Credit
Generally, CHFA offers an Overview session prior to the
funding round each year. The Overview sessions cover
basic information pertaining to the program and information
relative to the application. Announcements for the
Overviews are generally posted under
News and Announcements for
Developers and Sponsors. Developers interested in receiving
email blasts should contact
firstname.lastname@example.org to be added to our email list.
How do non-profit corporations apply for Housing Tax
Credit Contribution program tax credits?
Each year, CHFA holds a funding round during which
non-profit developers, sponsors or managers of qualified
housing programs apply for allocations of HTCC program
tax credits. The tax credits are competitively awarded
based on selection criteria specified within the
Procedures (Section IV - C) and based on the funding gap of the housing
program. The funding gap is determined by the shortfall
that must be funded by the non-profit to achieve
feasibility for the housing program or development.
Non-profits wishing to apply for HTCC program tax credit
allocations should download, review and complete the
Connecticut Housing Finance Authority
Attn: Multifamily Underwriting
999 West Street
Rocky Hill, Connecticut 06067
Applications are processed annually within a funding
Once the applications are received, CHFA reviews and
ranks each one and allocates credits to the non-profit
corporations whose housing developments or programs best
meet the guidelines outlined in the
(Section IV - C.)
Questions? Contact CHFA.
Please direct questions and comments related to the HTCC
program to Cyndi Guest.
The following documents are related to the HTCC Program
- 9 |
|HTCC - 2017 Overview Session - Presentation|
This is an overview of the Housing Tax Credit Contribution (HTCC) Program presentation that was held on November 10, 2016.
|HTCC - 2017 Questions and Answers|
This document provides some general questions and answers of the HTCC program.
|HTCC – 2017 Ranking Report/Awards|
The Connecticut Housing Finance Authority (CHFA) announces the results of its rating and ranking of the 2017 Housing Tax Credit Contribution (HTCC) Program applications. The applications are listed by set-asides and shown in order of points scored. The funding for this round is contingent upon the adoption of the state budget for the FY 2018-19 biennium. Should you have any questions, please contact Cyndi Guest at 860-571-4342 or Cyndi.Guest@chfa.org.
|HTCC - 2017 Round - Guidelines|
This provides general information and guidance on the application and compliance processes associated with the state Housing Tax Credit Contribution (HTCC) Program.
|HTCC - Certificate of Project Completion|
This contract certifies that costs expended in connection with a Housing Tax Credit Contribution (HTCC) project are in accordance with relevant Connecticut law and procedures of the HTCC Program.
|HTCC - Overview for Business Firms|
This document provides a general overview of the Connecticut Housing Tax Credit Contribution program.
|HTCC - Quarterly Report Progress|
This form is submitted on a quarterly basis to report progress on a Housing Tax Credit Contribution (HTCC) - financed housing development. All HTCC Quarterly Reports must be submitted to the following email address: HTCCQuarterlyReport@chfa.org
|HTCC - Workforce Assisted Housing Tax Credit - Revolving Loan Fund|
This contract certifies that itemized costs listed have been expended in accordance with relevant Connecticut law and HTCC program procedures for the Workforce Housing set-aside and revolving loan components of the HTCC program.
|HTCC - Workforce Assisted Housing Tax Credit Schedule A|
This supplement accompanies the Workforce Housing Tax Credit Program Annual Certificate and includes information on all loans made from the revolving fund.
- 9 |