About Us

Company History

Connecticut Housing Finance Authority was created in 1969 by the State Legislature. Our purpose is to help alleviate the shortage of affordable housing for low- and moderate-income families and persons in Connecticut, and when appropriate, to promote or maintain the economic development of the State through employer-assisted housing efforts.

 

The Connecticut Housing Finance Authority (CHFA) was created in 1969 by the Connecticut Legislature as a self-supporting quasi-public housing agency charged with the purpose of expanding affordable housing opportunities for Connecticut’s low- and moderate-income families and individuals.   

Since then, CHFA has helped almost 120,000 Connecticut individuals and families become homeowners through its low-interest single family mortgage programs.  In addition, CHFA has financed the creation of over 32,000 affordable, quality rental units throughout the state.  To date, the combined mortgage financing for CHFA’s single- and multifamily housing programs exceeds $11 billion.  

CHFA continues to seek innovative and effective ways to respond to the changing needs of Connecticut’s communities and meet its statutory purpose.  As one of only a few housing finance agencies in the nation to attain AAA bond rating from Standard and Poor’s Rating Service and Moody’s Investor Service, CHFA is proud to celebrate 40 years of creating and supporting affordable housing options for Connecticut residents.

Highlights of CHFA’s forty-year history include:

2008

Per legislative mandate, CHFA launches the Connecticut Fair Alternative Mortgage Lending Initiative and Education Services Program (CTFAMLIES ) and revamps the Emergency Mortgage Assistance Program (EMAP) for families in financial distress.

2007

CHFA co-chairs the Sub-Prime Mortgage Task Force convened by Governor Rell to examine and recommend solutions to the mortgage industry crisis.  

2005

CHFA participates in Governor Rell’s Working Group on Affordable Housing to study types of state-supported housing and assistance; launches Next Steps Supportive Housing Initiative, providing people with special needs on-site support services.    

2004

CHFA begins campaign to increase homeownership rates among Latinos in the 16 federally targeted urban areas of the state.    

2003

CHFA extends loans to 100,000 borrowers in 34 years under the Homebuyer Program.    

2002

CHFA enjoys all-time record year in earnings and in Bonds issued. CHFA is given management over $85 million in housing loan assets from the Department of Economic and Community Development.    

2001

CHFA receives AAA rating from Standard & Poor’s and Moody’s Investors Service.   CHFA launches Urban Rehabilitation Homeownership Program to increase homeownership in the state’s 16 federally targeted urban communities and the Military Homeownership Program to help full-time enlisted military personnel become homeowners.   CHFA launches Supportive Housing Pilots Initiative. 

2000

CHFA launches legislatively-mandated Teachers Mortgage Assistance Program and celebrates 88,000 homeowners over three decades.    

1997

CHFA launches Police Homeownership Pilot Program for officers in the 20 largest municipalities.    

1995

CHFA granted full authority to administer the Downpayment Assistance Program.    

1994

CHFA’s Homebuyer Mortgage Program is continuously funded for the first time.    

1993

CHFA and other housing agencies succeed in persuading Congress to permanently re-authorize Mortgage Revenue Bonds.    

1990

CHFA is one of 11 housing agencies across the country to receive “Top Tier Agency” rating from Standard and Poor’s.    

1989

Multifamily rental developments exceed 15,000 units.    

1987

CHFA administers the federal Low-Income Housing Tax Credit program.  More than $16 million in credits is allocated in the first six months.    

1984

The Mortgage Revenue Bond Program is reauthorized by Congress for three years.  CHFA initiates the Reverse Annuity Mortgage program to allow elderly homeowners to convert equity into income.    

1983

The Market-Rate Rental Program is developed and begins providing financing for non-subsidized multi-family dwellings.    

1981

Governor allocates all Mortgage Revenue Bonds to CHFA while federal legislation restricts the use of Mortgage Revenue Bonds for single family mortgages.    

1980

CHFA celebrates a decade! - Over 23,000 single family loans made and 7,800 rental housing units financed.    

1975

CHFA launches new loan programs - Community Conservation Loans, Rehabilitation Loans, Home Improvement Loans and Urban Area Loans  - and provides first “Section 8” subsidies.    

1974

CHFA issues $153 million in Bonds and establishes Income and Sales Price limits for its home loan programs.    

1972

CHFA adopts General Bond Resolution and direct lending powers.    

1970

CHFA begins with a staff of three, $50,000 in operating funds and $4 million in bonding authority.    

1969

Connecticut Legislature creates the Connecticut Mortgage Authority (later called the Connecticut Housing Finance Authority), providing it with broad statutory authority to promote affordable housing.