BERLIN, Conn. – March 21, 2012 – Connecticut Light & Power (CL&P) has announced that the company has purchased $7.75 million in 2011 tax credits to support housing programs across the state through the Connecticut Housing Finance Authority's Housing Tax Credit Contribution program.
"These are shareholder dollars that go directly to organizations that need the money to fulfill their housing missions,” said CL&P President and Chief Operating Officer Jim Muntz. "We've been participating since 2002. Tax credits have become a significant asset for the development of low-income and supportive housing across the state."
“These programs are much more than simply cash for the credits," added Muntz. "They help strengthen communities, create jobs and drive economic growth and that helps everyone in Connecticut.”
The Housing Tax Credit Contribution tax credit purchases will help 27 organizations in 12 communities across the state. By participating in these tax credit programs, CL&P supports the development of affordable housing units, shelter for victims of domestic violence, energy efficient buildings and the rehabilitation of blighted industrial space.
"The generous support of CL&P through the Housing Tax Credit Contribution program is what has made HOPE's dramatic renovations possible," said Marilyn Graham, executive director of HOPE, Inc. in New London. "For instance, our work on Belden Street has not only helped to transform a blighted neighborhood, but it has also provided decent and affordable housing for dozens of families."
CL&P also announced today that it has purchased 2011 tax credits worth over $123,000 from eight organizations through the Department of Revenue Services' Neighborhood Assistance tax credit program. The money is going towards energy conservation measures.
“We are so grateful to CL&P for stepping up to the plate with this gift," said Sheryl Hack, executive director, Connecticut Landmarks. "It gets us one step closer to realizing our goal of completing Connecticut Landmarks’ green preservation project and returning the 1788 Amos Bull House – the first building in Connecticut to be listed on the National Register of Historic Places – and the 1865 Butler-McCook Carriage House into productive use on behalf of the city of Hartford and the residents of the Greater Hartford region.”
The organizations taking advantage of this latest round of tax credit purchases are:
Housing Tax Credit Contribution
Bridgeport Neighborhood Trust, Inc. $275,000
Community Capital Fund $80,000
West Main Street, LLC/Habitat for Humanity of Coastal Fairfield County $500,000
Cornwall Housing Corporation $200,000
Church Housing of Fairfield, Inc. $154,814
CIL Realty Corporation $467,489
Mutual Housing Association of Greater Hartford $133,200
Northside Institutions Neighborhood Alliance, Inc. $32,436
Nehemiah Housing Corporation $426,412
Woman's Institute Realty of CT $55,000
Columbus House $175,000
Continuum of Care, Inc. $244,000
Corp. for Urban Home Ownership of New Haven $168,000
F.O.H., Inc. $500,000
Housing Operations Management Enterprises $7,845
Mutual Housing Association of South Central CT $100,000
Neighborhood Housing Services of New Haven $350,000
Habitat for Humanity of Southeastern CT $200,000
HOPE, Inc. $225,000
New London Development Corporation $290,000
Human Services Council $204,193
Old Saybrook Senior Housing, Inc. $499,999
Somers Housing Authority $500,000
Mutual Housing Association of Southwestern CT $475,000
Rippowam Corp. $490,550
Workforce Housing Development Fund $500,000
West Hartford Housing Corporation $500,000
Goodspeed Musicals $20,078
CT Landmarks $8,826
Hartford Area Habitat for Humanity $13,238
Mercy Housing and Shelter Corporation $8,826
Metro Hartford Alliance $44,128
Open Hearth $17,651
St. James School $10,811
Northwest Catholic High School $8,826
Since 2002, CL&P has contributed $62 million to state housing organizations through Connecticut's tax credit programs.