HARTFORD – Newly elected State Senator Robert D. Russo (R-Bridgeport) today announced that the City of Bridgeport will receive $123,407 in state aid as a result of the General Assembly’s vote to restore funding to the Moderate Rental Housing PILOT and Housing Tax Abatement Programs.

“Too often when we look to rebuild Connecticut cities, we do it in a way that alienates the people who already live there,” said Senator Russo.  “These programs encourage productive revitalization efforts in cities like Bridgeport, by helping non-profits provide affordable housing for the people who need it most.” 

Bridgeport will receive the funding under the Housing Tax Abatement Program which allows the state to abate the taxes for low or moderate-income family and elderly rental units owned and operated by nonprofit entities.  Under the program, the funds a nonprofit entity would have otherwise used to pay property taxes must instead be used to support ongoing affordable housing efforts, such as reducing rents below the levels which would be achieved in the absence of abatement, increasing occupancy of the housing units, improving the quality and design of the housing units or providing necessary services in the housing units.

House Bill 5031, which passed the House and Senate today, transfers a total of $3,908,890 from the DSS Housing/Homeless Services account to DECD to fund the Moderate Rental Housing PILOT program and the Housing Tax Abatement program in FY 08.