flexible gap funds



CHFA’s flexible gap programs (CMF, CO HHF, and HOF) help with ever-growing project costs, including programs to help improve tenant experience. We also can use HOF to leverage more loan proceeds or reduce financing costs to the project.

They can usually be paired with CHFA’s senior loan programs, offering you the additional adaptability to meet the collateral needs for your project.

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

​Program
​CHFA Housing Opportunity Fund 
(CHFA HOF)


Capital Magnet Fund
(CMF)


​Loan Limit
​Up to $1M
​$750,000
​Loan Term
​30 years
​17 years
​9% Housing Credit projects?
​Yes
​Yes
​4% Housing Credit projects?
​Yes
​Yes
Non-Housing Credit projects?
​Yes
​No
​Debt Structure
  • ​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?

Typically, the timeline is between 60 and 90 days from receipt of a complete application to closing for each of these programs.

Click on the image below to view the CHFA loan process map. 



questions? 

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


​contact

1.800.297.2342
MF-Lending@chfainfo.com