CHEFA whiffs on $63M in tax credits for CT nonprofit developments

HARTFORD, CT -- Aquasi-public state agency that hoped to draw $63 million in federal tax credits to finance nonprofit development projects in low-income and distressed areas has struck out on its first attempt. The Connecticut Health and Educational Facilities Authority (CHEFA) was not on a list --  released by the U.S. Treasury last week -- of successful applicants for the so-called New Market Tax Credit program, created in 2003 to attract private investment for developments in poorer census tracts. CHEFA will try again when it submits an application later this year for the next round of credits, which will be awarded about a year from now.