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LEGISLATIVE AGENDA UPDATE

Purpose

  • Incentivize economic development in Connecticut’s low-income communities to address social and economic issues
  • Provide affordable capital to non-profit organizations that serve Connecticut’s low-income communities by granting businesses a state income tax credit to incentivize private investment in needed projects

Priorities

  • Provide accessible quality goods and services, including childcare, education, healthcare, youth services and healthy foods
  • Create quality jobs that provide living wages and benefits

Tax credit

  • State tax credit not to exceed the lesser of 40% of expected qualified project expenses or $2,000,000
  • Claimed over 7 years, 0% for years 1 & 2, 20% for years 3 - 7

Eligible Projects

A capital project undertaken by a non-profit organization that resides in and /or serves an eligible community

Eligible Communities

Population Census tracts where the poverty rate is at least 20% or the median family income is below 80% of the area median family income.

Financial Products

Investments will be made directly in eligible projects and provide a 7-year forgivable loan or be used to capitalize a loan fund to finance capital projects by offering term loans at a subsidized interest rate. Financial products will provide affordable capital to eligible projects greater than $250,000.

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Contacts:

Jeanette W. Weldon
Executive Director
(860) 761-8453
jweldon@chefa.com

Dan Giungi
Government Relations and 
Communications Specialist     
(860) 761-8416
dgiungi@chefa.com