With interest rates nearing record highs and the need for more housing in Connecticut growing by the day, the Connecticut Housing Finance Authority (“CHFA”) is rolling out a new, competitive financing program for multifamily developments. Known as the “Build4CT” program, these funds are targeted at developments with at least 20% of total units available to residents earning no more than 60% – 120% of Area Median Income (“AMI”). These funds mark CHFA’s first significant investment in market rate and middle-income housing opportunities.
Eligible projects may be awarded up to $125,000.00 per qualifying dwelling unit, with interest rates ranging from 1%-3%. These funds will facilitate the construction of needed housing opportunities at multiple income levels across the State of Connecticut, and provide developers with an important resource in an otherwise uncertain economic climate. CHFA is motivated to put these funds to work across Connecticut, with a particular focus on investing in developments near jobs and transit, or in areas of high need.