CHFA will accept and review TEB financing and 4% LIHTC applications provided that application submission requirements have been fully satisfied and that applicants demonstrate the ability/capacity to proceed with their proposals in a timely manner should they receive CHFA approval.
Proposals should address multifamily development priorities within the Authority’s approved 2008 LIHTC Qualified Allocation Plan (“QAP”), and must satisfy QAP threshold requirements. Emphasis will be placed upon proposals (i) serving the lowest income residents, (ii) obligated to serve qualified residents for the longest period of time, (iii) located within qualified census tracts, and (iv) which contribute to a concerted community revitalization plan. Underwriting of TEB financing proposals will conform to the Authority’s Multifamily Lending Procedures and those approved by the State Bond Commission.
TEB financing and LIHTC application fees are non-refundable and must be paid when proposals are submitted to CHFA. For proposals receiving Authority approval, the amount of the financing application fee will be credited against the total amount due for the CHFA Loan Commitment Fee.
For TEB financing proposals submitted under this NOFA, applicants should assume (i) a permanent loan underwriting interest rate currently estimated (as of 6/4/08) to be 6.75% per annum with a term not to exceed forty (40) years, and (ii) a construction loan underwriting rate currently estimated (as of 6/4/08) to be 7.25% per annum. These rates are for preliminary underwriting purposes only and are subject to change.