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CHIF provides several types of loans to support new construction or rehabilitation
of residential units in inner city neighborhoods throughout Connecticut.
The types of loans are:
Neighborhood Rebuilder Program
The Predevelopment Loan Program
The Interim Bridge Loan Program
Click here for a Summary
of CHIF Loan Products rates and terms.
Neighborhood Rebuilder Program
The Neighborhood Rebuilder Program offers developers short term construction
loans. The rate is 6.5% for 12 months*. For application and additional
information, E-Mail: rebuilder@chif.org
The Neighborhood Rebuilder Program provides a source of subsidies for
development to pay for the "appraisal gap" that exists between the total
development cost and the after-rehabilitated appraised value of the property.
After rehabilitating the unit, the new homebuyer obtains a permanent mortgage
based on the appraised value of the completed property, and assumes the
appraisal gap (the second mortgage) subsidy from the developer. This "silent,"
or "soft" second mortgage is forgiven after a short term, usually five
to ten years.
Click here to learn How
the Financing Works
Click here for Neighborhood
Rebuilder Loan Program term sheets.
The Predevelopment Loan Program
CHIF provides loans of up to $50,000 to developers to pay for costs associated
with the preliminary planning and design of affordable housing. Loans
are provided at 1%-3% for 12 months* for new construction and rehabilitation
projects. This special revolving loan program is funded with grants from
the Melville Charitable Trust and the Connecticut Housing Finance Authority
(CHFA). For application and additional information E-Mail: predevelopment@chif.org
Click here for a Predevelopment
Loan term sheet.
The Interim Bridge Loan Program
CHIF provides bridge loans to developers for interim financing. Loans
are provided at 3% to 6.5% for up to 12months*. For application and additional
information, E-Mail bridge@chif.org
Click here for an Interim
Bridge Loan term sheet.
*Terms and rates
are subject to change
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