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Funding Initiatives - Affordable Housing Developments

CHFA Mortgages 


The Connecticut Housing Finance Authority ("CHFA") offers loans to developers and owners of affordable multifamily rental housing in Connecticut at or below market interest rates to help them achieve feasibility for their housing proposals.  CHFA mortgage financing can be combined with other funding mechanisms, like federal Low-Income Housing Tax Credit ("LIHTC") and state Housing Tax Credit Contribution ("HTCC") tax credits, to expand the financing repertoire for the construction or rehabilitation of affordable, high quality apartments throughout the state.  Developers may also combine CHFA funding with private bank financing, private grants or equity as well as public sources as available.

CHFA’s mission is to increase the supply and availability of affordable housing for low and moderate income individuals and families in Connecticut.  CHFA’s multifamily mortgage financing not only invests in the development of affordable housing but in the economies of distressed neighborhoods, by creating jobs and enlarging their local property tax bases.

Follow the links below for more information on CHFA multifamily mortgage financing.        



Who is eligible to apply for a CHFA Multifamily Mortgage?

For-profit or non-profit developers and owners of housing developments that have established a “qualified development team" may apply for CHFA mortgage financing to assist them in obtaining financial feasibility for their affordable multifamily rental housing development.  

A “qualified development team” consists of licensed professionals and typically includes the owner, developer, development consultant, property manager, general contractor, and architect, among others.


What types of Multifamily Mortgages are available?

CHFA offers construction and/or permanent mortgage loans to finance the creation of new or acquisition and rehabilitation of existing affordable apartments.  CHFA’s first mortgage loans often have below-market interest rates with terms up to 40 years. 


What types of housing developments are eligible for multifamily financing?

Housing developments eligible for CHFA Multifamily Mortgage financing must meet the following requirements:  

    • Developments must be new construction and/or existing structures that require moderate to substantial rehabilitation.  
    • Developments must provide at least 20% affordable housing for people of low income, based on HUD rent and income limits.
    • Developments must comply with CHFA’s Design, Construction and Sustainability Standards and Multifamily Underwriting Procedures, Policies and Underwriting requirements.    


Please note that developments financed in part with federal LIHTC tax credits must comply with more rigorous affordability and occupancy standards.


What else should developers know about CHFA mortgage financing?   

The following additional considerations apply to CHFA Mortgage Financing.

  • Funding Sources of CHFA Mortgages
    CHFA mortgage loans are financed with proceeds from the sale of tax-exempt, taxable bonds, and/or from non-bond proceeds. 

    • Tax-Exempt Bond (TEB) Proceeds are loaned at an interest rate based on the current market.  Developers may apply year-round for TEBs which are allocated on a first-come, first-served basis until the supply is exhausted.
    • Taxable Bond Proceeds are loaned at market interest rates.  Developers may apply year-round for Taxable Bonds.
    • Non-Bond Proceeds are generally offered at a lower interest rate than TEBs. 

  • Supplementing CHFA Mortgages with Other Financing Sources
    The source of a CHFA mortgage loan affects eligibility requirements and determines which supplemental financing vehicles are available.  Loan applicants are encouraged to seek the advice of a Housing Consultant or other appropriate professional when planning the financing of their development.

    • Non-Bond Proceeds may be available.


How do developers apply for a CHFA Multifamily Mortgage?  

Depending on the program, CHFA will announce funding availability and application deadlines through email blasts and announcements posted to the CHFA website.   

An applicant seeking construction and/or permanent financing must complete and submit a full loan application via the CHFA/DOH Consolidated Application.  
An applicant must submit the financing "Threshold" and “Non-Threshold Items” identified in the Consolidated Application to complete its loan application, along with any application fee.  

Final loan approval is formally granted by CHFA’s Board of Directors. All terms and conditions of the financing are documented in a loan commitment letter.   


Questions?  Contact CHFA.

Please direct questions and comments to the Multifamily Underwriting Department.

Phone:     (860) 571-3527
Fax:(860) 571-4371

Mailing Address:
Connecticut Housing Finance Authority
Attn: Multifamily Underwriting
999 West Street
Rocky Hill, Connecticut 06067


Additional Information

The following files and documents are related to CHFA Multifamily Mortgages.

Related Documents Found: 12  matches     Displaying: 1 - 12 
1. CHFA MF Program Parameters & Fees
A detailed summary of the Multifamily Financing program, including terms, conditions and associated fees.

2. Multifamily Financing Program FAQ
Frequently Asked Questions about CHFA's Multifamily Financing Program

2016 Cost Certification Preparation Guideline
This document outlines CHFA's cost certification guidelines.

2017 Cost Certification Preparation Guideline
This document outlines CHFA's cost certification guidelines.

2017 Cost Certification Workbook
This form is to be used by CPAs to prepare and submit the General Contractor's and Mortgagor's LIHTC Cost Certifications to CHFA.

2017 Multifamily Rental Housing Program Guideline
This is a Guideline used for the Multifamily Rental Housing Program.

CHFA Multifamily Insurance Requirements
This document outlines CHFA's insurance requirements for multifamily properties.

Legal-1. Commitment Letter
Commitment Letter

Legal-2. Initial Closting List
Initial Closting List

Legal-3. Master Loan Documents
Master Loan Documents

Legal-4. Final Closing List
Final Closing List

State Bond Commission Guidelines
This document is applicable to all entities seeking an allocation of Private Activity Bonds ("PAB") from the Office of Policy and Management ("OPM"). OPM refers to the Connecticut Housing Finance Authority ("CHFA") for review of development proposals with the below guidelines.
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