Apartment Conversion for the Elderly (ACE)

Special funding for the Apartment Conversion for the Elderly program is no longer available. However, if an elderly Connecticut homeowner, age 62 or older, wishes to construct an addition to their home or renovate part of their home to create an accessory apartment, they may do so utilizing the CHFA Rehabilitation Mortgage Program.

Such apartments, where allowed by municipal regulations, provide single family homeowners, age 62 or older, with rental income that is normally only available to owners of two-family properties.

The Rehabilitation Mortgage Program is currently only being offered for loans closed through Savings Institute Bank and Trust. They originate loans in Windham, Tolland or New London County areas only--tel: 860-456-6594.

(Click on link for information on the Rehabilitation Mortgage Program.)

The loan is subject to recapture tax.

Contact: Single Family Underwriting (860) 571-3502