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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.

Program Small Multifamily Permanent Loan (SIMPLE)
SIMPLE
CHFA Housing Opportunity Fund (CHFA HOF)
HOF

Capital Magnet Fund (CMF)
CMF

Loan Limit Up to $3M Up to $1M $750,000
Loan Term 35 years 30 years 17 years
9% Housing Credit projects? Yes Yes Yes
4% Housing Credit projects? No Yes Yes
Non-Housing Credit projects? No Yes No
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 N/A 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 link below to view the loan process timeline for all programs on this page.

Contact Multifamily Lending

Questions? Our solution-oriented team will help you find the right program to make your project a success. 1.800.297.2342 

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