Under a state tax credit program, a partnership between a nonprofit mortgage lender and Connecticut Light & Power Co. is helping push affordable housing and "smart growth."
The Housing Development Fund received $500,000 Tuesday from CL&P toward the Workforce Housing Downpayment Fund. The program helps first-time homebuyers who earn up to 100 percent of the area median income ($117,800 for a family of four in the Stamford-Norwalk area) purchase houses in the same communities where they work.
The fund is intended to encourage high-density and pedestrian-friendly growth in downtown areas.
"These programs are vitally important to our community," said Thomas Dorsey, a manager of governmental affairs for Northeast Utilities System, the parent company of CL&P.
Joan Carty, the president of the Housing Development Fund, said the grant will provide each homebuyer in the workforce program with as much as $20,000 in loans toward downpayment costs.
The loans do not have to be repaid until the property is sold, Carty said.
Dorsey presented the check to Carty Tuesday morning at the Housing Development Fund's offices on 100 Prospect St. Also in attendance was state Sen. Andrew McDonald, D-Stamford.
McDonald was one of the legislators involved in passing the state financing plan that made the grant possible.
Under the Housing Tax Credit Contribution Program, nonprofit agencies involved in affordable housing can apply for up to $500,000 in tax credits. read more
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