2018 Memorandum of Understanding between the Office of Policy and Management and the Connecticut Housing Financing Authority
In 2018 the Office of Policy and Management (OPM) and the Connecticut Housing Financing Authority (CHFA) entered into a Memorandum of Understanding (MOU) to re-capitalize and promote CHFA’s existing Small Multifamily Loan Program (Program).
The Program allows CHFA, in partnership with participating community development financial institutions (CDFIs), to provide loans for the acquisition, rehabilitation, or long-term financing of small multifamily properties (limited to those between 3 and 20 units), which are an often overlooked and underserved source of affordable housing stock in existing neighborhoods.
OPM’s intent is to assist CHFA in enhancing the Program’s loan pipeline in areas near transit stations, in neighborhoods served by transit, and in other areas of concentrated development, such as downtowns and village centers.
CHFA and its CDFI partners will continue to administer these funds under the existing Program’s parameters, with the added requirement that OPM TOD funds shall be limited to properties that are either within ½ mile of a public transportation station or within ¼ mile of an existing public transit stop.
OPM funding for this program is provided through a combination of the Responsible Growth Incentive account and the Transit-Oriented Development and Pre-Development account.
Links to CDFI Quarterly Progress Reports: