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CHFA
Mortgage Financing for
Multifamily Housing
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Increasing
the supply and availability of affordable housing for low and moderate
income households is the primary role of the Connecticut Housing
Finance Authority. By offering financing terms not generally available
in the commercial market, the Authority can help developers achieve
feasibility for projects which otherwise would not be possible.
CHFA
offers:
•Financing
for the creation of new or rehabilitated
affordable units
•Construction to permanent, or permanent
"takeout" financing
•First mortgage loans with interest rates at or
below conventional rates
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•Loan
terms of up to 40 years
•Flexibly structured loans to fill financing gaps (limited funds are
available)
•Non-recourse debt
In
addition to financing housing development, the Authority's multifamily
program plays a role in creating employment for Connecticut's construction
industry, supporting the local property tax base, and revitalizing urban
neighborhoods.
Financing
Sources
•CHFA
mortgage loans may be financed with proceeds from the sale of tax-exempt
or taxable bonds, and from non-bond sources as available.
•Depending on the source of financing used, additional requirements
may apply.
Eligible
Borrowers
•The
Authority makes loans to for-profit and non-profit entities.
•Each member of the development team (owner, developer, development
consultant, manager, builder, and architect) must meet experience and/or
licensing qualifications established by CHFA.
More
info on Rental Housing Program
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