The Board of Directors of the Connecticut Housing Finance Authority (CHFA) has approved a three-year strategic plan to guide the quasi-public agency in addressing the state’s housing priorities.
The plan is designed to create greater opportunity for low- and moderate-income Connecticut residents to access safe, secure, affordable housing, both in multifamily and single family situations.
In support of its goal, CHFA has revised its Downpayment Assistance Program (DAP), allowing borrowers to use a DAP loan to cover down payment and closing costs.
“The DAP revisions will allow more borrowers to qualify for CHFA mortgages. We expect to see an immediate impact as a result of these changes,” said Nandini Natarajan, CHFA’s CEO and executive director.
CHFA is also reviewing other strategies, including plans to create a new Opportunity Fund, to provide financing for affordable housing programs and initiatives in need of additional financial support.
Further, CHFA is planning to increase outreach to underserved minority communities and underserved geographic areas of the state.
Other measures outlined in the strategic plan call for greater community engagement with CHFA partners and stakeholders.
“During the pandemic, CHFA spent a significant amount of time listening to the needs and concerns of developers, property owners, lenders and other partners to determine how we could help them serve their customers during the crisis,” Natarajan said. “Those discussions strengthened our business relationships and suggested new ways CHFA could work with others in our industry. We want to extend that broader focus as we move ahead in the next few years to bring our strategic goals to life.”