Small Multifamily Rental Development Program recognized for encouraging new production of affordable housing with innovative partnerships.
Rocky Hill, Conn., – October 27, 2014 – (RealEstateRama) — The Connecticut Housing Finance Authority (CHFA) received a national award for Program Excellence from the National Council of State Housing Authorities (NCSHA) at the Council’s annual conference last week. More than 2,000 units of affordable rental housing have been financed by leveraging funds from this CHFA program since 2011. CHFA’s Small Multifamily Rental Housing Development Program works with Community Development Finance Institutions (CDFIs) and local partners to revitalize and develop small affordable multifamily rental housing developments (between 5 and 19 units), in communities across the state.
“CHFA’s typical funding process is tailored to larger-scale projects. Developers and owners of smaller projects operate at a different scale. We wanted to find a way to encourage smaller-scale development to meet the needs for housing in all areas of the state,” said Eric Chatman, president and executive director of CHFA.
By partnering with CDFIs including the Connecticut Housing Investment Fund (CHIF), Connecticut Local Initiatives Support Corporation (LISC), the Greater New Haven Community Loan Fund, Hartford Community Loan Funds and the Housing Development Fund, CHFA is able to finance smaller developments. CHFA’s partnership with LISC in the “Housing Connections” program has produced more than 261 units of new affordable housing with another 500 units are in the planning and development stage in communities including Brooklyn, Bethany, Essex, Litchfield, Norfolk, North Haven, Sharon and Washington.
CHFA has also partnered with the Connecticut Main Street Center to identify under-utilized buildings in town centers that could accommodate housing on upper floors of retail shops. The program provides the technical assistance that helps convert unused or underused space for housing, bringing additional income to building owners and adding vibrancy to Main Streets with more foot traffic.
“We’re proud that NCSHA recognized the innovative path we’ve created to meet the needs of smaller developers. We hope that our program can be a model for other states in creating their own programs,” Chatman added.
The Connecticut Housing Finance Authority (CHFA) was created in 1969 by the Connecticut Legislature as a self-supporting quasi-public housing agency charged with expanding affordable housing opportunities for the state’s low- and moderate-income families and individuals. CHFA has helped more than 130,000 Connecticut individuals and families become homeowners through its low-interest single-family mortgage programs. In addition, CHFA has financed the creation of nearly 40,000 affordable, rental units throughout the state. To date, the combined mortgage financing for CHFA’s