loan programs under $1M

Looking to fill a financing gap? CHFA offers four solution-minded programs that can help in incredibly flexible ways, including:

    • First mortgage loans,
    • Second mortgage loans,
    • Gap financing,
    • Third mortgage loans,
    • Interest rate subsidy, and
    • Grants
And CHFA HOF and CMF can be paired with SIMPLE to offer even more flexibility!

Use the table below to find which program is the right fit. Click on the program name to learn more.

Small Multifamily Permanent Loan (SIMPLE)​

​CHFA Housing Opportunity Fund (CHFA HOF)

Capital Magnet Fund (CMF)

​Loan Limit
​Up to $3M
​Up to $1M
​Loan Term
​35 years
​30 years
​17 years
​9% Housing Credit projects?
​4% Housing Credit projects?
Non-Housing Credit projects?
​Debt Structure
  • ​First mortgage
  • Non-recourse
  • ​First mtg
  • Second mtg with CHFA senior lender
  • Interest rate subsidy
  • Non-recourse
  • ​First mtg
  • Secondary gap financing
  • Third mortgage
  • Non-recourse
​Grant Options/Interest Rate Subsidy
​Interest rate subsidy
​Up to 20% can be a grant (when paired with a CHFA senior loan)

what is the loan process at chfa?

CHFA’s processing time is competitive with other lenders in the industry. Typically, the timeline is between 60 and 90 days from receipt of a complete application to closing for each of these programs. 

Click the image below to view the loan process timeline for all programs on this page. 


Our solution-oriented team will help you find the right program to make your project a success.