Connecticut’s new community-development subsidiary says it’s pursuing millions in federal tax credits to help state nonprofits fund their capital projects.
The Community Development Corp. (CDC), the newly formed unit of the Connecticut Health & Educational Facilities Authority (CHEFA), said it awaits the June opening for applications for the U.S. Treasury Department’s New Markets Tax Credits.
CHEFA Executive Director Jeanette Weldon said the CDC credits would aid nonprofit organizations who serve the state’s low-income communities in attracting equity investment to their capital projects, effectively reducing the financing costs for the projects.
CHEFA CDC said it’s currently in discussions with numerous nonprofits, but is working to identify additional capital projects across the state. Suitable projects include healthcare centers, childcare facilities, charter schools, or community centers that serve low-income communities and have strong community impacts.
CHEFA’s other subsidiaries include the Higher Education Supplemental Loan Authority and the Student Loan Foundation.
