The Key to Affordable Housing for 50 Years
Strength: CHFA has financed the first homes of more than 144,000 borrowers and the construction and renovation of more than 50,000 units of affordable rental housing
Stability: CHFA is a self-supporting quasi-public agency that issues bonds in the financial markets and uses the proceeds to finance affordable single-family home loans and affordable multifamily rental housing
Service: CHFA serves the residents of Connecticut, whether they are looking to buy their first home, build or renovate affordable multifamily housing, or need assistance to avoid foreclosure
$663.6 million in bond issues to allow for continuous funding of affordable housing
2,877 mortgages to first-time homebuyers
A $524 million investment in homeownership
1,310 units of affordable rental housing was approved/administered
A $137.8 million investment in affordable housing
Photo: Willow Creek, Hartford
CHFA puts homeownership within reach of individuals and families who thought they could not afford to buy home.
Financial strength, built over decades, allows CHFA to offer the below-market interest rate mortgage loans and Downpayment Assistance Program (DAP) loans that have helped thousands of Connecticut residents become first-time homeowners.
CHFA-Approved lenders across the state work with potential borrowers to originate and process loans, which are purchased by CHFA after closing.
Homebuyer Education, Financial Counseling and Foreclosure Prevention
5,486 households attended a free homebuyer education class
1,441 financial counseling sessions were provided to by CHFA’s HUD-Approved Housing Counseling Agencies
48 homeowners received an Emergency Mortgage Assistance Program loan, helping them to remain in their homes as they work to regain their financial stability.
For decades, CHFA has been a source of stability for the financing needs of affordable housing developers, providing construction and permanent financing.
CHFA is the administrator for the Federal Low Income Housing Tax Credit program (LIHTC), which brings private investment to Connecticut that can be leveraged with public funding.
CHFA partners with DOH and other state agencies to bring as many resources as possible to bear on housing.
The list of properties approved for financing in 2019, along with the amounts financed and funding sources are included in the full 2019 Annual Report, posted on the CHFA website. Details of the 9% LIHTC Awards and State Housing Tax Credit Contributions (HTCCs) are also provided in the full report.
Photo: Ponemah Mills, Norwich
In 2019, CHFA approved 140 units of supportive housing in 11 properties.
Supportive Housing creates permanent, affordable service-supported housing opportunities for very-low income homeless individuals and families with severe and prolonged mental illness and/or chronic chemical dependency, and those who are homeless or at risk of becoming homeless, particularly those experiencing repeated or persistent homelessness.
Photo: Shepherd Home, Middletown
Strengthening Our Communities
CHFA works with Community Development Financial Institutions (CDFIs) to provide technical assistance and financing for developments that are smaller in scale.
CHFA’s has established partnerships with CDFIs including Local Initiatives Support Coalition (LISC), Capital for Change (C4C), the Hartford Community Loan Fund, and the Housing Development Fund. Through these organizations CHFA funds technical assistance to towns interested in developing affordable housing, invests in transit-oriented developments, and finances the redevelopment of vacant or blighted properties with 20 units or less.
Since 1969, CHFA has provided financing for affordable housing. Starting with mortgages for first-time homebuyers and expanding its mission to finance multifamily rental housing, and administering Federal and State tax programs, CHFA’s strength and stability are vital to providing a safe place for everyone to call home.
As it has for 50 years, CHFA continues to provide service to the State of Connecticut by administering programs that benefit state residents including the Emergency Mortgage Assistance Program, and in 2020, housing assistance programs to help people remain in their homes during the COVID-19 pandemic.
To view the full CHFA 2019 Annual Report, including all affordable multifamily housing finance transactions and financial statements, please click here.