This August, HDF received its eighth consecutive round of funding from the Connecticut Housing Finance Authority for the development of their Live Where You Work Program(LWYW). The support, totaling $500,000, comes in the form of reserved Housing Tax Credits.
Since 2006, HDF has received a tax-credit allocation from the Connecticut Housing Finance Authority (CHFA). This eighth round of funding brings CHFA’s total contribution to $3.625 million. HDF has used this LWYW program helps clients to live where they work, and in so doing assists new homeowners by freeing up income for housing and other monthly expenses by reducing monthly personal transportation costs. The program provides 30-year 0% interest loans (up to $20,000) for down payment or fees to income-eligible clients that purchase properties in the town where they work. To date, LWYW has assisted 226 families to purchase in 19 CT communities.
The Connecticut Housing Finance Authority (CHFA) administers the state Housing Tax Credit Contribution (HTCC) program to provide funding for housing programs sponsored by non-profit developers in Connecticut. The HTCC makes funding available for the development of affordable rental housing that benefits very low, low- and moderate- income families in Connecticut.
Each year CHFA allocates up to $10 million in state HTCC tax credits on a competitive basis to non-profit corporations. Under the HTCC program, a non-profit corporation can receive up to $500,000 annually in state tax credits which can then be sold to state business firms in return for cash contributions to the non-profit corporation’s housing program.