CHFA’s flexible gap programs (CMF 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.

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 link below to view the CHFA loan process map.

Contact Multifamily Lending

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