CT Trust Historic Building Finance Fund (HBFF)

A pilot program, HBFF is funded through Public Act 228, a measure which is expected to raise $5.8 million for historic preservation by a state transfer tax on real estate.  The CT Trust is using $100,000 of its $200,000 allocation from this state funding for HBFF.

HBFF provides gap funding for historic rehabilitation projects.  To assist in evaluating and underwriting projects, the CT Trust has selected the Connecticut CDFI Alliance.  The Alliance is composed of seven community development lending organizations, Community Capital Fund (Bridgeport), Connecticut Housing Investment Fund (Hartford and statewide), Greater New Haven Community Loan Fund (greater New Haven), Housing Development Fund (greater Stamford), Waterbury Housing Fund (greater Waterbury), Corporation for Supportive Housing (statewide) and Local Initiatives Support Corporation (statewide).

For additional informaton please Contact CTCircuit Rider, Brad Schide at circuitrider@cttrust.org or 860-463-0193.

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Summer 2007
Three gap fund loans totaling $66,000 were awarded by the CT Trust to historic rehabilitation efforts in Hartford and Middletown as part of its Historic Building Finance Fund (HBFF).  The following three properties were formally selected for the program:

34 Ashley Street

Listed on the National Register of Historic Places, the historic property is located in the Asylum Hill neighborhood in Hartford.  Loan funds will be used by the homeowner to make repairs to porch, façade, roof and chimney.  Other funding secured for the project is a $30,000 loan from The Neighborhoods of Hartford, Inc.  $16,000 was awarded by the CT Trust to the project.

58 Green Street

Located in the North End/Waterfront neighborhood in Middletown, the 2.5 story vacant residential structure is to be listed on the State Register of Historic Places (through a grant from the CT Trust).  The $473,000 renovation by the non-profit developer, Nehemiah Housing Corporation, will produce two residential units, one for a homeowner and the other for rent by the homeowner.  The Preservation Division’s Historic Homes Tax Credit is a funding source.  $25,000 was awarded by the CT Trust to the project.

246 Sargeant Street

Called “the castle”, this vacant three story residential structure will be rehabilitated by the non-profit developer Northside Institutions Neighborhood Alliance (NINA) into two units, one for a homeowner and the other for rent by the homeowner.  Located in Hartford, the $437,000 renovation of this National Register listed property has Historic Homes Tax Credits as one of its funding sources.  $25,000 was awarded by the CT Trust to the project.