Hartford Foundation Submits Testimony in Support of House Bill HB 5468, An Act Increasing the Aggregate Amount of Tax Credits for the Rehabilitation of Historic Structures
On March 13, the Hartford Foundation for Public Giving submitted testimony to the General Assembly’s Finance Revenue and Bonding Committee in support of House Bill HB 5468, An Act Increasing the Aggregate Amount of Tax Credits for the Rehabilitation of Historic Structures.
In 2018, the Foundation launched HFPG Impact! Greater Hartford, a wholly-owned subsidiary of the Hartford Foundation that puts a greater portion of the Foundation’s assets to work for the 29 towns it serves and provides the Foundation extensive flexibility, through partnerships or on its own, to make investments beyond the scope and range of the Foundation’s traditional grantmaking. HFPG Impact! Greater Hartford brings “patient capital” to areas that traditional capital tends to overlook.
Most of the community development projects under consideration for investment by HFPG Impact! rely on many forms of public subsidy for viability, including tax credits. Tax credits for the rehabilitation of historic structures are an important tool to attract investors to urban development projects.
The Hartford Foundation asks the committee to support House Bill 5468 to raise the annual cap on the tax credits for the rehabilitation of to encourage further investment in Connecticut’s neighborhoods.