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CHFA Awards $14.6 Million In Federal Tax Credits for Affordable Housing Development

The Connecticut Housing Finance Authority (CHFA) announced the awarding of $14,676,217 in Federal 9% Low Income Housing Tax Credits (LIHTC).  The tax credits are estimated to generate more than $135 million in equity from private investors for 10 proposed affordable multifamily housing developments in Connecticut.  Federal tax credit allocations are based on population, and CHFA generally receives about $10 million in credits each year.  “CHFA is focused on bringing more units on line as soon as possible, especially during COVID-19.  To that end, we are allocating nearly 50% of next years’ credits to developments in 2021,” said Nandini Natarajan, CHFA’s Chief Executive Officer – Executive Director.  The developments receiving credits will create 692 rental units, 569 designated as affordable and 123 market rate units.

Lascana Homes of Orange, $1,080,016 in tax credits

Developed by Gyroscope Development Group, LLC this new 46-unit property will be constructed in a town that is an Opportunity Area with less than 10% affordable housing.  The units will have individual entrances and include a home office to facilitate “work from home” initiatives.  Included are 10 units of supportive housing for individuals with intellectual disabilities referred by the Department of Developmental Services.  The new buildings will be pursuing sustainability measures to meet National Green Building Standard Emerald and Energy Star.  Lascana Homes will have 9 units for households with incomes up to 30% AMI, 19 units for households up to 50% AMI, 8 units for households up to 80% AMI and 10 market rate units.

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