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CHFA’s construction-to-permanent loans finance larger 4 percent Housing Credit properties using Private Activity Bonds (PAB), structured with CHFA as the senior lender (CAPABLE) or with a construction lender bank partner (PAIRABLE).

Both can be paired with CHFA's flexible gap programs, offering you 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 Construction and Permanent Affordable Bond Loan (CAPABLE)
CAPABLE Program
​Partnership-to-Perm Affordable Bond Loan (PAIRABLE)
PAIRABLE Program
Loan Limit $6M+ $6M+
Loan Term
  • Up to 30 months interest-only during construction
  • Up to 40 years during perm term
Up to 40 years
9% Housing Credit projects? No No
4% Housing Credit projects? Yes Yes
Non-Housing Credit projects? No No
FHA Risk Share Insurance required 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. The timing from application to closing with these 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 on the links below to view the CHFA process maps.

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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