Use any of our senior debt programs for you midsize financing needs.

  • Our perm-only loans, SIMPLE and SMART, offer you the option of long-term financing with or without Risk Share insurance.
  • CHFA’s construction-to-permanent loans finance larger 4% tax credit properties using Private Activity Bonds (PAB), structured with CHFA as the senior lender (CAPABLE) or with a construction lender bank partner (PAIRABLE).

Pair any of these with CHFA’s flexible gap programs, to easily adapt to the changing collateral needs of your project.

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

Program Small Multifamily Permanent Loan (SIMPLE)
Sizeable Multifamily Affordable Risk Share Tool (SMART)
Construction and Permanent Affordable Bond Loan (CAPABLE)
Partnership-to-Perm Affordable Bond Loan (PAIRABLE)
Loan Limit Up to $3M $3-6M $6M+ $6M+
Loan Term 35 years Up to 40 years
  • Up 30 months interest-only during construction
  • Up to 40 years during perm term​
Up to 40 years
9% Housing Credit projects? Yes Yes No No
4% Housing Credit projects? No Yes Yes Yes
Non-Housing Credit projects? No Yes No  No
FHA Risk Share Insurance required No ​Yes; Streamlined FHA approval (typically 10 business days for firm approval) Yes; Streamlined FHA approval (typically 10 business days for firm approval) ​Yes; Streamlined FHA approval (typically 10 business days for firm approval)

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.

The timing from application to closing with the construction-to-perm programs ranges from 150 to 180 days (including the bond issuance and closing process). With a proven track record, we provide streamlined FHA approval (typically 10 business days for firm approval).

Click the links below to view CHFA loan process maps.

Contact Multifamily Lending

Questions? Our solution-oriented team will help you find the right program to make your project a success. 800.877.2432