CHFA Mortgage Financing for Multifamily Housing

Eligible Project Types

•Financing is available for new construction and/or moderate to substantial    rehabilitation. Per unit minimums on rehabilitation may apply.

•Housing may be designated for individuals, families, the elderly, or people    with special needs.

•Generally, projects must contain a minimum of 25 dwelling units. Smaller    projects of 10 to 24 units may be considered for non-profit organizations on a    case-by-case basis.

Affordability Requirements
• By statute, no fewer than 20% of multifamily rental units in developments    receiving Authority financing must be affordable to renters with incomes not    exceeding applicable limits (generally 80% of area median income).

•Developments utilizing federal tax credits must meet either of the two    following set-aside requirements:

- 20% of the units to be rented to residents earning no more than 50% of the area median income (adjusted for family size) established by the US Department of Housing and Urban Development (HUD)

- 40% of the units to be rented to residents earning no more than 60% of the area median income (adjusted for family size) established by the US Department of Housing and Urban Development (HUD)

- A higher set-aside percentage may be required in order to receive the Authority's discretionary financing.

- Unless otherwise approved by the Authority's Board of Directors (Board), no units in the development may be rented to households earning above 150% of the area median income.

- A required number of units must remain at affordable rent levels for 30 years beyond the term of the CHFA mortgage.

More info on Rental Housing Program