HOPE Regional Housing Forums Connecticut Housing Finance Authority Carol DeRosa, Administrator Residential Programs 860-571-4374 Nancy O Brien, Administrator Multifamily Housing 860-571-4263 Dara Kovel, Chief Housing Officer 860-571-4360
Who we are Created in 1969 by the Connecticut Legislature Self-supporting, quasi-public housing agency Our purpose is to expand affordable housing opportunities for low- and moderate-income first-time homebuyers and to fund the construction, renovation or preservation of affordable rental apartments. 2
Who we are Assisted over 125,000 families and individuals become homeowners through our low-interest, single family mortgage programs Financed the creation of over 35,000 affordable, quality rental apartments Affordable rental housing activities also support economic growth. Each $1.00 invested in the development of affordable rental homes generates $1.52 in new economic activity and $0.13 in new revenue for Connecticut. 3
Who we are Affordable housing for homebuyers or the construction, renovation or preservation of rental apartments may be financed with: CHFA Tax-exempt bonds CHFA Taxable bonds CHFA Funds Low-income Housing Tax Credits (LIHTC) 9% & 4% State Housing Tax Credit Program (HTCC) Community Investment Act funds 4
Ownership Programs Homebuyer Mortgage Program: For first-time homebuyers purchasing a home anywhere in Connecticut For prior homeowners purchasing in one of 18 targeted areas of the State Down Payment Assistance Loans: Available as a second mortgage to cover the cost of a down payment and/or closing costs associated with a home purchase 5
Ownership Programs 203(K) Rehabilitation Mortgage Loan Program: Provides mortgage assistance for the purchase and rehabilitation of an older home Special Programs: Provides relief for owners due to the foreclosure crisis 6
Ownership Programs CT FAMLIES Refinance 2 nd mortgages available EHLP 90 days delinquent Limited availability EMAP Temporary mortgage payments HERO Purchase foreclosed properties 7
Ownership Programs Eligibility Requirements: Income and Sales Price Limits based on town/city No income limits in targeted areas Current rate is 3.875% as of June 1, 2011 Targeted area 3.625% as of June 1, 2011 8
CHFA Multifamily Rental Programs Provides and administers a variety of financing programs that assist developers and owners For-profit and Not-for-profit developers and owners participate CHFA financing usually coupled with funds from DECD, HUD, banks, private sources and equity Peachtree Village - Avon 9
CHFA Multifamily Rental Programs CHFA offers construction and/or permanent financing Developments may be market rate, mixed income and/or deeply targeted to residents at or below 25% AMI or go up to 120% AMI depending on neighborhood characteristics, population needs and financing sources 323 Fairfield at Bijou Square - Bridgeport 10
Community Investment Initiatives Manchester Down Payment and/or Closing Costs Pilot Program A partnership with the Town of Manchester to continue to improve property conditions and the overall quality of life The Town of Manchester earmarked CDBG funds to be used towards down payment and/or closing costs CHFA offers a reduced first mortgage interest of ¼% below CHFA s regular homebuyer rate Eligible borrowers must be purchasing a home in specified areas of Manchester (includes areas known as East Side, West Side and Central Business District) 30 Homebuyers have participated in this program since 2007 11
Community Investment Initiatives Pilot Rural and Suburban Technical Assistance Program ( Housing Connections ): Provides technical assistance to smaller towns that were interested in learning about or developing affordable housing LISC and the CT Housing Coalition were selected as the program administrators Since 2006, technical assistance has been provided leading to the development and/or rehabilitation of 458 affordable homes in 19 communities with 13 organizations totaling $37 million In 2011: CHFA providing $275,000 Set-aside funds for planning grants Support staff and consulting services to local organizations and developers interested in affordable housing 12
Community Investment Initiatives Housing Connections: Litchfield Housing Trust Northfield Firehouse renovated into two, modern, affordable energy efficient apartments 3 bedrooms 2 full baths 1250 square feet Heated with closed-loop geothermal units. Earned Litchfield a national award for the exemplary and innovative use of Community Development Block Grant Funds. Housing Connections helped the Trust with financing budgets, operational planning and general trouble shooting. The Northfield Firehouse building was built in 1885 as a two room schoolhouse. The renovations bring the front of the schoolhouse back to original design. 13