Connecticut Light & Power (CL&P) handed out checks totaling $910,448 to non-profit developers who build homes for lower-income families and help first-time home buyers with loans and down payments, reports The Day. The funds were donated by CL&P through the Connecticut Housing Finance Authority’s (CHFA) Housing Tax Credit Contribution (HTCC) Program . Under the HTCC Program, businesses donate to approved housing programs and receive a one-for-one credit in the amount of the donation to reduce their state corporate tax liability. CL&P has contributed about $9 million over the past 10 years in tax credit grants through the HTCC program.
This year, CL&P provided $325,000 to Renaissance City Development Association for the New London County Down Payment Program to help qualified first-stime home buyers purchase a home in the town where they work; $500,000 to HOPE, Inc., which is planning to use the money to buy and renovate several blighted homes in the city; and Habitat for Humanity received $85,488 to develop new homes for buyers who contribute “sweat equity” to the project.
CL&P is the founding sponsor of Connecticut Main Street Center.