CHFA typically funds large-scale projects, but wanted to find a way to encourage small-scale development around the state. 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 partnered 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 has also partnered with CMSC on the Come Home to Downtown program 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.
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.