The HTCC program helps nonprofit developers build affordable housing in Connecticut and gives local businesses an opportunity to invest in the projects.
CHFA allocates up to $10 million annually in state tax credits under the HTCC program to nonprofits developing very low, low and moderate income housing in Connecticut.
Private business can buy the tax credits and apply them to their corporate tax. Nonprofit developers use the money for their affordable housing project.
Funding from HTCCs has supported the development of an average of 650 affordable units per year and often provides gap financing, allowing many projects to advance.
The HTCC program not only supports CHFA's mission of providing residents with high-quality affordable housing but it also builds relationships between nonprofit developers and the business community.