Bridgeport Gets Affordable Housing Boost

Connecticut Light & Power, a subsidiary of Hartford-based Northeast Utilities, recently presented five Bridgeport nonprofits with $1.7 million in tax credits to promote construction of low- and fixed-income housing.

Funding was presented to: Bridgeport Neighborhood Trust, Inc.: $500,000; Habitat for Humanity of Coastal Fairfield County: $429,000; Boston Avenue Supportive Housing (Alpha): $205,882; Seymour Hollander Apartments: $500,000; and Mutual Housing of Association: $100,000.

“Quality affordable housing is such a priority in all cities, and this financial assistance is such a boon,” Mayor Bill Finch said. “These nonprofits do such important work on very tight budgets. Northeast Utilities’ assistance is greatly appreciated.”

The Housing Tax Credit Contribution Program is run through the Connecticut Housing Finance Authority (CHFA) with a goal of promoting financial support for affordable housing.

State Sen. Andres Ayala Jr. said the work of these nonprofits and other similar organizations has helped Bridgeport become the only major city in the state to see a reduction in chronic homelessness.

During the last 15 years, CL&P has contributed nearly $90 million to affordable housing by utilizing tax credits. During the last three years, utilizing the Neighborhood Assistance Act, the CHFA’s Housing Tax Credit Contributions and Historic Homes Tax Credits, CL&P has distributed more than $34 million in tax credits.

“We deeply appreciate CL&P’s generous support of our work to build decent, affordable homes for hard-working Bridgeport families. For three years they have helped Habitat in its work across Fairfield County,” said Bruce Berzin, co-president and COO for Habitat for Humanity of Coastal Fairfield County. “Once again this year, CL&P’s purchase of the tax credits allocated to Habitat through Connecticut’s Housing Tax Credit Program will be hugely helpful as we continue working to provide the affordable housing so desperately needed here.”

Tax credits purchased by CL&P also assisted Bridgeport Neighborhood Trust in two projects: a mixed-income, mixed-use project downtown at 570 State St. and a neighborhood stabilization project in the City’s South End.

By:  Posted date: December 13, 2013 In: FairfieldGovernmentNonprofits