Connecticut § 8-286f Small multifamily lending program. Lending guidelines.

Connecticut Statutes

§ 8-286f — Small multifamily lending program. Lending guidelines.

Connecticut·Title 8 Zoning, Planning, Housing and Economic and Community Development·Ch. 136 Department of Housing: Home Ownership Loans

(a)Notwithstanding any provision of chapter 134, the Connecticut Housing Finance Authority shall, within the resources allocated by the State Bond Commission to the Department of Housing, establish a small multifamily lending program to provide a revolving loan fund, which fund shall be available to community development financial institutions established under 12 CFR Part 1805, as amended from time to time, and other comparable institutions deemed eligible by the authority, to provide acquisition, construction, rehabilitation and permanent financing for small multifamily properties with not fewer than two and not more than twenty units, except that properties with more than twenty units may be deemed eligible by the authority in order to accomplish the objectives of the program.

(b)Not

Free access — add to your briefcase to read the full text and ask questions with AI

(a) Notwithstanding any provision of chapter 134, the Connecticut Housing Finance Authority shall, within the resources allocated by the State Bond Commission to the Department of Housing, establish a small multifamily lending program to provide a revolving loan fund, which fund shall be available to community development financial institutions established under 12 CFR Part 1805, as amended from time to time, and other comparable institutions deemed eligible by the authority, to provide acquisition, construction, rehabilitation and permanent financing for small multifamily properties with not fewer than two and not more than twenty units, except that properties with more than twenty units may be deemed eligible by the authority in order to accomplish the objectives of the program. (b) Not later than January 1, 2024, the Connecticut Housing Finance Authority shall establish guidelines for issuing loans under the program established pursuant to subsection (a) of this section. Such guidelines shall provide that: (1) Loans issued under such program shall be utilized to provide acquisition, construction, rehabilitation or permanent financing to (A) increase the affordable housing stock in higher income communities, including housing which would qualify for housing unit equivalent points pursuant to section 8-30g , (B) restore vacant and blighted properties or properties in need of rehabilitation to performing properties, or (C) assist revitalization efforts in low and moderate-income communities; and (2) If the property being purchased by an eligible applicant under such program is situated within an affordability incentive zone established pursuant to section 8-286e , the authority may utilize lending guidelines that are different from the guidelines utilized for the financing of a property that is not situated within an affordability incentive zone, which alternative lending guidelines may include, but need not be limited to, increased eligibility limits with respect to the purchase price of the property or the maximum loan amount or a reduced interest rate for such loan.

Connecticut § 8-286f (Small multifamily lending program. Lending guidelines.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.