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News Dec 13, 2013 - 3:52:37 AM

Connecticut Light & Power Presents $1.7 Million in Tax Credits To Bridgeport Non-Profits

By City of Bridgeport

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BRIDGEPORT, CT - Connecticut Light & Power, a subsidiary or Northeast Utilities, presented five Bridgeport non-profit organizations with $1.7 million in tax credits designed to promote construction of low- and fixed-income housing.

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

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
· Mutual Housing of Association: $100,000

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

State Sen. Andres Ayala Jr. noted that the work of these non-profits and other similar organizations have 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 the 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 Chief Operating Officer 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.

“Northeast Utilities stepped up and invested in Bridgeport projects even though this City is not in their service area footprint. We can’t be more thankful for their support,” said Elizabeth Torres, executive director of BNT.

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