Connecticut Housing Finance Authority (CHFA)
Connecticut Housing Finance Authority (CHFA) oversees rental housing developments in Connecticut that are subject to various compliance and reporting standards associated with their funding source. The Affordable Housing Program was designed to offer low-interest or deferred loans and/or grants to developers and owners of low-income housing. Recipients of funds under this program are required to regularly provide CHFA and/or DOH with documentation that demonstrates their compliance with specific financial, insurance, property, tenant and lease requirements.
Maximum Affordable Income Limits and Gross Rents
HUD released the Section 8 and the Multifamily Tax Subsidy Projects (MTSP) Income Limits with an effective date of April 1, 2021 (until superseded). These income limits are used by housing developers to determine eligibility for CHFA bond financing and tax credit programs. In addition, the tables are also used by developers, property managers, and owners to determine affordable housing occupant eligibility (based on income) and rent limits.
These newly released MTSP Income Limits must be implemented no later than May 15, 2021 for Low-Income Housing Tax Credit properties.
The Consolidated Appropriations Act of 2018 establishes Income Averaging as a new minimum set-aside election for new Low-Income Housing Tax Credit (LIHTC) developments. Rent limits for the 20%, 30%, 40%, 70% and 80% Area Median Income (AMI) bands have been incorporated into our guidebook with the AMI bands that have been used in the past (25%, 50% and 60%) by CHFA.