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CHFA was established in 1969 by the Connecticut General Assembly as a quasi-public agency, in CGS 8-250, Chapter 134, to alleviate the shortage of affordable housing.   We know that everyone deserves a safe affordable place to call home, and CHFA financing helps to make that happen for thousands of people each year.    

CHFA finances two types of affordable housing:

1.  Affordable mortgages for first-time homebuyers  with low to moderate incomes

2.  Construction & permanent financing for developing affordable multifamily rental housing  

As a quasi-public agency, the Authority must abide by state and federal laws, yet has great flexibilty to operate in the private sector.  CHFA is a self-funded agency, not reliant on State appropriations to fulfill its mission. To finance its operations, CHFA issues tax-exempt bonds, using the proceeds from the sale of these bonds to finance affordable housing in Connecticut.  

AAA and Aaa Ratings

CHFA maintains the highest ratings with S& P Global  and Moody’s Investor Services. The AAA and Aaa ratings allow the Authority to achieve the lowest borrowing costs, which increases the amount of money available for CHFA to lend to potential borrowers.  With much of its funding earned in the market, CHFA’s lending activity is highly regulated by the U.S. Treasury Department and state statutes.   

CHFA mortgages for first time homebuyers:

CHFA provides a variety of affordable mortgages for first time homebuyers through a network of nearly 100 lenders with offices in Connecticut.   As borrowers pay off their mortgages,  the money is returned to the loan pool for new borrowers.  To learn more about CHFA mortgages, and CHFA’s popular Down Payment Assistance loan program, click here.

Homebuyer education is an important part of CHFA’s loan programs. Potential borrowers are required to participate in a homebuyer education class and/or counseling sessions to help them understand the financial aspects of buying and maintaining a home.HUD_research_shows

Foreclosure Prevention Programs

CHFA administers the state’s Emergency Mortgage Assistance Program (EMAP), a revolving loan fund established by the state legislature in response to the housing crisis. The program provides mortgage assistance to borrowers who are experiencing temporary financial difficulties, such as a job loss or illness.  CHFA also funds foreclosure prevention education and counseling programs to assist struggling homeowners. 

CHFA Financing for Affordable Multifamily Housing:

Developers come to CHFA for financing and tax credits as part of the overall funding plan for their developments.   To receive funding from CHFA, a portion of the units in the development must be affordable and the project must comply with CHFA’s underwriting guidelines and support the state’s housing goals.  CHFA has several types of financing – tax exempt bond funding, taxable bond funding, and its own investment trust account.  This funding is generally combined with tax credit and other private funds.

Federal Low Income Housing Tax Credits

CHFA is the state’s allocating agency for the federal 9% and 4% Low Income Housing Tax Credits (LIHTC).  These tax credits provide a dollar-for-dollar reduction in tax in federal tax liability for investors, and millions of dollars in equity to developers that can be leveraged with private funds to build affordable housing. Each year there are competitive funding rounds for the 9% LIHTCs; the 4% LIHTCs are non-competitive funding and allocated by CHFA.  Click here for a list of current awards.

Billings_Forge_Apts__for_webApplications are rated and ranked based on how well the proposed developments align with the Qualified Allocation Plan (QAP).  The QAP, required by federal law and approved by the Governor, identifies the state’s priorities for affordable housing and assigns points to specific housing characteristics or features to encourage developers to incorporate them. 

State Housing Tax Credit Contributions Program

CHFA is the allocating agency for the state’s Housing Tax Credit Contribution (HTCC) programs.  The HTCCs provide $10 million in tax credits to non-profit developers for workforce housing, supportive housing and general affordable housing. There is an annual competitive funding round for the HTCC program 

State-Sponsored Housing Portfolio

Since 2011, CHFA has been financing the revitalization of properties in the 295 developments State-Sponsored Housing Portfolio.  Governor Malloy has allocated a total of $300 million to fund these renovations over 10 years.  These properties are state assets and there is a plan in place to allocate the funding  based on the types of renovations needed and the current state of the properties.  Property owners combine this funding with state and federal tax credit programs, and other sources of funds to fund improvements. 

Asset Management

Once an affordable property financed with CHFA and put into service,  CHFA oversees the management of the property.  CHFA’s role is to work with owners to ensure the property is well maintained for the comfort of the residents, responsibly managed, and maintained within the terms of the financing.

Partnership with DOH

The Department of Housing (DOH) is the lead agency for housing policy in the state. CHFA works closely with DOH providing technical and staff support for its funding rounds.  CHFA and DOH use the same online funding application, known as the Consolidated Application, and collaborate on reviews as many developers apply to both CHFA and DOH for funding

Working with CHFA

CHFA can be a resource of housing information for you and your staff.  We produce annual reports detailing the performance of mortgage programs and conduct research on housing trends, fair housing, home sales and foreclosure sales in the state.  Each year, CHFA submits several reports to the Governor and General Assembly as well as an Annual Report.  Below are links to recent reports:

Contact CHFA’s Legislative Liaisons if you’d like more information:

State: Peg Fitzgerald, 860-721-9501 or
Federal: Maura Martin, 860-721-9501 or


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