- Affordable Housing Developments
Who is eligible to apply for a CHFA Multifamily
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
- Developments must provide at least 20% affordable
housing for people of low income, based on
HUD rent and
- 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
tax credits must comply with more rigorous affordability
and occupancy standards.
What else should developers know about CHFA mortgage
The following additional considerations apply to CHFA
- 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
- 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
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
- Non-Bond Proceeds may be available.
How do developers apply for a CHFA Multifamily
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
application, along with any application
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
Please direct questions and comments to the Multifamily Underwriting Department.
Connecticut Housing Finance Authority
Attn: Multifamily Underwriting
999 West Street
Rocky Hill, Connecticut 06067
The following files and documents are related to CHFA
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