Purdue Pharma Gifts Loan Fund

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$350K to help create homes for Elm City workers

 

NEW HAVEN — The Greater New Haven Community Loan Fund (GNHCLF) has received $350,000 from Purdue Pharma, LP to support its Workforce Housing Program, focused on facilitating and funding the creation of affordable and stable housing for individuals and families who live and work in New Haven.

Purdue Pharma’s contribution will support the creation of as many as 30 housing units for New Haven workers earning less than 100 percent of the Area Median Income (AMI). Additionally, GNHCLF has dedicated 60 percent of the funds to serve households earning less than 80 percent of the AMI ($65,000 for a family of four).

The contribution from Purdue Pharma was made to GNHCLF through the State Housing Tax Credit Contribution Program (HTCC) after GNHCLF was awarded $500,000 in tax credits by the Connecticut Housing Finance Authority (CHFA).

“The HTCC program offers Connecticut businesses an opportunity to contribute to the expansion of affordable housing in their communities by donating to non-profit developers building affordable homes,” explained CHFA Executive Director Eric Chatman. “In return for the donation, businesses receive credits to apply toward state taxes. This program has resulted in the creation of more than 4,100 affordable homes in the last five years.”

“We are delighted to support affordable housing through the HTCC program,” said John H. Stewart, president and " / ">order of Purdue Pharma, headquartered in Stamford. “We have been partnering with Habitat for Humanity of Coastal Fairfield County on affordable housing for several years, and are pleased to extend our support to the New Haven area.”

“The 2010 U.S. Census revealed that the city of New Haven experienced a five-percent increase in its population, the largest growth rate of any Connecticut city,” said GNHCLF Executive Director Carla Weil. “If New Haven is to continue attracting new growth in the economic sector, it needs to offer accompanying quality and affordable housing options to the workforce. Purdue Pharma’s generous contribution will help us to play a part in that growth.”

 

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