Build for CT

Program Description

A collaboration between the CT Department of Housing and CHFA to create public-private partnerships with lenders and developers to address the housing needs of middle-income renters  (Workforce Housing ). Restricted rents must reflect a discount to market rents.  Rates between 1% -3%  to borrower depending on the significance of the discount. B4CT is a subordinate loan program and needs to be paired with an approved participating Senior Lender.

Program Type
Type of Funding
Source of Funds
Housing Trust Fund
Funding Amounts/Limits

Maximum of $125,000 per eligible income restricted unit

Target Population(s)

A minimum of 20% of units required to be affordable to households earning between 60% AMI and 120% AMI.

Links to Additional Resources

Eligibility

Eligible Applicants
Eligible Project Size
50+ units
Other Eligibility Guidelines

Predominantly Market Rate Development with no rent restrictions aside from Inclusionary Zoning and 830g approved projects.

Application

Application Timeline

Preliminary Analysis can be completed within one week or less from submitting a complete analysis.

Overview of Application Process

Submit to CHFA detailed unit mix and market rent estimates so project can be assessed for eligibility. No formal application but Letter of Interest can be provided by CHFA. Deal is not considered live until Borrower has secured a senior lender that is approved by CHFA.

Additional Information

Other Notes

Development that already includes rent restrictions associate with Inclusionary Zoning or 830g approved projects may be eligible to receive credit for up to 10% of the minimum 20% middle income unit requirement, subject to the restrictions providing for an acceptable discount from market rent. CHFA will then require a minimum 10% of new restrictions to achieve the program’s 20% requirement

Last Updated
June 6, 2024
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