Power Company Donates to Affordable Housing

RIDGEFIELD, CT - Construction crews are hard at work on an approximately $14-million housing development aimed at elderly citizens and families with limited incomes. The Ridgefield Housing Authority is overseeing the project, which includes 12 new one-bedroom rental apartments and the renovation of another 120 units at the Ballard Green and Prospect Ridge developments.

"The new and restored structures will be of such quality as to require minimal maintenance by the owner and residents, and will provide long-term affordability and safe and energy-efficient apartment units," said Harvey Edelstein, president of Real Estate Diagnostics, Inc., which is serving as the development consultant to the Ridgefield Housing Authority.

Funding for the project is coming from a variety of sources, including a $500,000 housing tax credit grant from The Connecticut Light and Power Company.

"The Connecticut Light and Power Company tax credit grant is a key component in increasing and maintaining the quality and availability of affordable housing in Ridgefield, and we are very appreciative of Connecticut Light and Power Company's generous contribution," said Philip Bergquist, chairman of the Ridgefield Housing Authority.

Connecticut Light and Power Company recently announced it was providing grants worth more than $5.7 million to 17 non-profit organizations around the state that provide affordable housing and associated support services. The housing authority grant is part of Connecticut's Housing Tax Credit Contribution Program, which enables non-profits to apply for tax credits that they can sell to private businesses. The firms receive a dollar-for-dollar reduction in their state taxes in exchange for their financial support of the affordable housing program.

Since 2002, Connecticut Light and Power Company has purchased more than $27 million in housing tax credits. "We are proud to be a leader in this innovative housing tax credit contribution program," said Raymond P. Necci, president and chief operating officer, Connecticut Light and Power Company and Yankee Gas. "We are pleased to help organizations like RHA make quality affordable housing available to our state's most vulnerable citizens." Construction at Ballard Green and Prospect Ridge is expected to be completed in September 2009.