Pilot CHFA Homeownership Development Program
The Connecticut Housing Finance Authority (CHFA) is dedicated to the task of promoting homeownership opportunities to Connecticut residents. Over our 37 year history, CHFA has assisted over 105,000 homebuyers in achieving the dream of homeownership. It has been through this work that CHFA recognizes another opportunity to assist and support homeownership, specifically in communities where homeownership rates are low, to strengthen communities and neighborhoods and improve the quality of life for residents. Essential to achieving these goals is the ability to plan, access to low cost construction capital, and the right financing tools that provide incentives to developers to build housing where costs are high. The benefits of this type of strategic investment are well documented by virtue of neighborhood stabilization, increased property values, and increased personal wealth.
The Pilot Homeownership Development Program will make available a total of $7,500,000 to support the creation of homeownership units in municipalities where homeownership rates are less than fifty percent (50%). This program allocation is a combination of the funds made available as a result of Public Act 05-228 creating the land protection, affordable housing and historic preservation account, and CHFAs own Investment Trust Account funds. The program is designed to offer financing in the areas of predevelopment, construction and appraisal gap financing to create owner occupied housing.
