Connecticut Housing Finance Authority

What Connecticut Housing Finance Authority does

Connecticut Housing Finance Authority (CHFA) is a self-funded quasi-public state housing finance agency created by the Connecticut Legislature in 1969 and headquartered in Rocky Hill, Connecticut. The agency's core function is to expand affordable housing opportunities for low- and moderate-income Connecticut residents and developers by issuing tax-exempt and taxable bonds, allocating federal and state Low-Income Housing Tax Credits (LIHTC), and operating below-market mortgage and down payment assistance programs. Core offerings include Homebuyer Mortgage Programs (first-time buyer first mortgages with below-market rates and daily-published pricing), Time to Own (forgivable down payment assistance, scaled via a $25 million State Bond Commission allocation in August 2025), Build For CT (a new middle-income housing development program launched 2025-2026), Emergency Mortgage Assistance Program (EMAP), MyHomeCT (a $123 million ARPA-funded COVID-era foreclosure prevention program launched 2021), Foreclosure Prevention Counseling, Reverse Annuity Mortgage, and a Supplemental Collapsing Foundation Loan Program for pyrrhotite-related foundation remediation.

The organization's revenue mechanics are non-traditional: CHFA generates operating income primarily through net interest spread on its bond program (a structural advantage reinforced by AAA ratings from Moody's and S&P on the Housing Mortgage Finance Program), mortgage origination and servicing fees on purchased and securitized loans, and administrative fees on LIHTC allocation. Its technology footprint includes a proprietary Loan Origination System (LOS) for participating lender integration, GIS-based CHFA Mapping Tools for income-target and property eligibility determination, compliance reporting and property look-up systems for multifamily LIHTC and Section 8 monitoring, and a Consolidated Application portal for developers. Distribution runs through a network of approved participating lenders (banks, credit unions, mortgage brokers), HUD-approved counseling agencies, and direct enterprise relationships with affordable housing developers. To date CHFA has helped more than 150,000 Connecticut families become homeowners and financed more than 60,000 affordable rental units, with combined mortgage financing exceeding $11 billion; 2024 production included 3,873 first-time homebuyer mortgages totaling more than $1 billion and 3,439 multifamily units reaching initial closing.

The organization is governed by a Board of Directors appointed by Connecticut's Governor, led by Chief Executive Officer Nandini Natarajan (appointed September 2019, the first woman CEO in CHFA's history) and Chief Financial Officer Hazim Taib (over 25 years in public finance; recipient of the 2026 Smith's Affordable Housing Finance Lifetime Achievement Award). CHFA operates as a wholly state-affiliated entity with no parent company, no subsidiaries, no private equity participation, and no publicly traded securities. Geographic scope is single-state (Connecticut) with no global footprint.

Name

Connecticut Housing Finance Authority

Legal name

Connecticut Housing Finance Authority

Website

https://chfa.org

Company type

Private

Founded year

1969

Operating status

Operating

Headcount range

101–250 employees

Short description

Connecticut Housing Finance Authority is a self-funded quasi-public state agency created by the Connecticut Legislature in 1969 that finances affordable housing for low- and moderate-income Connecticut residents. It issues tax-exempt bonds, allocates federal and state LIHTC, and operates below-market mortgage, down payment assistance, and developer financing programs.

Ownership category

akta.pro rank

Product category

Affordable Housing Finance

NAICS

Administration of Housing Programs (92511), Administration of Housing Programs (925110)

SIC

Federal & Federally-Sponsored Credit Agencies (6111), Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

State & Local Housing Finance Agencies (HFAs) (FSALAKAA)

akta.pro secondary industries

Affordable Rental & Multifamily Housing Finance Programs (LIHTC/Tax Credits/Subsidized Loans) (FSALAKAF), Affordable Housing / Down Payment Assistance (DPA) Mortgage Origination (FSALAAAM), Mortgage Revenue Bond (MRB) & Public Housing Bond Programs (FSALAKAG)

Keywords

• Affordable housing finance
• Mortgage lending programs
• Multifamily housing financing
• Low-income housing tax credits
• Down payment assistance

Headquarters

HQ city

Rocky Hill

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Bond Financing Programs: CHFA issues tax-exempt and taxable bonds to finance affordable housing mortgages. As a self-funded quasi-public agency, CHFA generates revenue through the spread between bond borrowing costs and mortgage lending rates, along with loan origination and servicing fees.
2. Low-Income Housing Tax Credit (LIHTC) Administration: CHFA allocates federal and state housing tax credits to developers of affordable housing, generating administrative fees and facilitating private equity investment into Connecticut's affordable housing stock.
3. Single-Family Mortgage Programs: CHFA purchases and securitizes single-family mortgages originated by participating lenders, generating revenue through mortgage-backed securities and loan servicing.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

CHFA is a quasi-public state housing finance agency that issues tax-exempt and taxable bonds to fund below-market single-family mortgages for first-time homebuyers in Connecticut. It administers Low-Income Housing Tax Credits (LIHTC), provides construction and permanent financing for multifamily affordable rental developments, and operates down payment assistance, foreclosure prevention, and emergency homeowner assistance programs. Revenue is generated from the spread between bond borrowing costs and mortgage lending rates, along with loan origination and servicing fees and tax credit administrative fees.

Product overview

CHFA operates as a quasi-public housing finance agency offering a unified platform of mortgage financing and assistance programs. The core offerings include Homebuyer Mortgage Programs (first mortgages with below-market rates for first-time buyers) and Housing Developer Financing Products (multifamily affordable housing financing), which are complemented by add-on assistance modules including Time to Own (down payment assistance), Build For CT (middle-income housing development), Emergency Mortgage Assistance Program (EMAP), Supplemental Collapsing Foundation Loan Program, and MyHomeCT (COVID-19 relief). The portfolio also includes tax credit programs for developers, foreclosure prevention resources, and technology tools like Loan Origination System and Mapping Tools. Together, these products serve Connecticut residents across the homeownership continuum from first-time buyers to struggling homeowners to housing developers.

Differentiator

Problem solved

Functional benefit

Products and services

• Homebuyer Mortgage Programs Low-interest first mortgage loan products for first-time homebuyers purchasing primary residences in Connecticut, with below-market rates published daily and specialized variants for Veterans, Military, Police, Teachers, public housing residents, and persons with disabilities.
• Time to Own Forgivable down payment assistance loan helping first-time homebuyers cover down payment and closing costs when purchasing a primary residence in Connecticut.
• Build For CT Program to develop housing for middle-income households in Connecticut, expanding housing choices for CT families above traditional low-income thresholds.
• Emergency Mortgage Assistance Program (EMAP) Program for Connecticut homeowners experiencing financial hardship that provides emergency assistance to help them avoid foreclosure and remain in their homes.
• Foreclosure Prevention Resources Counseling services and resources to help Connecticut homeowners at risk of foreclosure avoid losing their homes and maintain homeownership.
• Reverse Annuity Mortgage (RAM) Mortgage product allowing qualifying Connecticut homeowners to convert home equity into monthly income streams, typically used by seniors seeking to supplement retirement income.
• Tax Credit Programs Federal and state Low-Income Housing Tax Credit (LIHTC) allocation programs providing tax credits to developers constructing or rehabilitating affordable rental housing in Connecticut.
• Housing Developer Financing Products Multifamily affordable housing financing products including construction loans, permanent financing, and gap financing for for-profit and non-profit developers of affordable rental housing in Connecticut.
• Supplemental Collapsing Foundation Loan Program Loan program providing supplemental financing up to $75,000 per eligible borrower for terms up to 20 years at fixed rates tied to the Federal Home Loan Bank of Boston index, helping Connecticut homeowners cover concrete foundation repair or replacement costs not covered by CFSIC.
• MyHomeCT COVID-19 mortgage relief program funded by the Homeowner Assistance Fund under the American Rescue Plan Act, providing assistance to eligible Connecticut homeowners to prevent mortgage delinquencies, defaults, and foreclosures caused by pandemic-related financial hardship.
• Homes For CT Loan Program Specialized loan program for Connecticut residents to purchase homes, part of CHFA's homeownership offerings tailored to specific buyer segments.

Quantifiable outcome

• More than 150,000 Connecticut families have become homeowners through CHFA programs
• +4 more outcomes

Named customers7 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Nine partnerships are on record, tiered major and core.

• PennrosemajorStrategic or Co-development Partner · 28 October 2025Pennrose is a real estate development company co-developing an $80 million, 180-unit mixed-use development in downtown Naugatuck, Connecticut. The project includes three 60-unit buildings with commercial space and public greenspace, aiming to revitalize the area through new housing and amenities.
• The Cloud Co.majorStrategic or Co-development Partner · 28 October 2025The Cloud Co. is a real estate development company co-developing the $80 million Naugatuck mixed-use project with Pennrose, contributing to downtown revitalization through new residential and commercial development.
• Honeycomb Real Estate PartnersmajorStrategic or Co-development Partner · 12 November 2024Honeycomb Real Estate Partners developed 64 affordable apartments at the former Monarch Cleaners site in New Haven, CT through a $27 million project enabled by CHFA tax credits, state brownfield grants, and city ARPA funds.
• Vesta CorporationmajorStrategic or Co-development Partner · 12 November 2024Vesta Corporation co-developed the Monarch Cleaners affordable housing project in New Haven with Honeycomb Real Estate Partners, honoring the legacy of the commercial laundry facility by retaining the 'Monarch' name.
• Connecticut Department of HousingcoreStrategic or Co-development PartnerCHFA collaborates with the Connecticut Department of Housing on housing programs including MyHomeCT (Homeowner Assistance Fund), coordinated financing announcements, and state housing policy initiatives.
• Liberty BankmajorChannel Partner/ Reseller/ DistributorLiberty Bank is a participating lender that originates CHFA mortgage products and refers customers to CHFA programs for first-time homebuyer financing.
• Omni DevelopmentmajorStrategic or Co-development PartnerOmni Development is a developer partner that rebuilt Davis Gardens (formerly Warner Gardens) in Waterbury - a 122-unit affordable housing complex that CHFA supported through tax credit awards leading to millions in private equity investment.
• HUD-Approved Counseling AgenciescoreChannel Partner/ Reseller/ DistributorNetwork of HUD-approved housing counseling agencies throughout Connecticut providing homebuyer education and foreclosure prevention counseling, channeling qualified clients to CHFA programs.
• Connecticut Foundation Solutions Indemnity Company (CFSIC)majorStrategic or Co-development PartnerCFSIC administers state-funded financial assistance for concrete foundation repair/replacement due to pyrrhotite deterioration. CHFA's Supplemental Collapsing Foundation Loan Program provides supplemental financing up to $75,000 for eligible repair expenses not covered by CFSIC.

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Massachusetts Housing Finance Agency (MassHousing): State Housing Finance Agency serving Massachusetts with directly comparable programs: below-market first mortgages, down payment assistance, multifamily financing, and LIHTC administration. Operates with a similar bond issuance and AAA-rated structure.
• Illinois Housing Development Authority (IHDA): State HFA providing first mortgages, DPA, LIHTC, and multifamily financing in Illinois. Highly comparable given CHFA CEO Nandini Natarajan and CFO Hazim Taib's prior senior leadership at IHDA, indicating direct operational and programmatic overlap.
• New York State Homes and Community Renewal: New York State's combined housing finance and community renewal agency offering first mortgages, foreclosure prevention, multifamily development financing, and tax credit administration. Comparable peer given adjacent Northeast geography and similar program mix.
• Pennsylvania Housing Finance Agency (PHFA): Pennsylvania's HFA administering HFA Preferred and Keystone First Time Homebuyer loan programs, down payment assistance, multifamily financing, and tax credits. Direct peer in the Mid-Atlantic/Northeast state HFA peer set.
• New Jersey Housing and Mortgage Finance Agency: New Jersey state HFA offering first mortgages, down payment assistance, and multifamily financing with bond and LIHTC programs. Adjacent Northeast state peer with comparable offerings and similar regulatory framework.
• Florida Housing Finance Corporation: Florida's state HFA providing first mortgages, HFA Preferred DPA, and multifamily/tax credit programs. Direct peer in the state HFA category with similar bond issuance and program design.
• Virginia Housing (VHDA): Virginia Housing Development Authority, a state HFA issuing mortgage revenue bonds and administering DPA, first mortgage, and multifamily programs with high bond ratings. Highly comparable peer with similar scale and Mid-Atlantic/Northeast orientation.
• Ohio Housing Finance Agency: Ohio state HFA offering first-time homebuyer mortgages with down payment assistance and multifamily financing via bond programs and LIHTC. Comparable peer state HFA with similar product mix and treasury function.
• Washington State Housing Finance Commission: Washington state's bond-issuing housing finance commission providing first mortgage programs (House Key), DPA, and multifamily/tax-exempt bond financing. Direct peer in role and structure to CHFA.

Broad incumbents

• California Housing Finance Agency (CalHFA): California state HFA offering statewide first mortgage and DPA programs plus multifamily financing. Larger scale than CHFA due to California's size, but with overlapping program architecture (DPA, MyHome Assistance, multifamily) and AAA-rated bond issuance.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/CHFA_RockyHill
• YouTubeyoutube.com/channel/UCxz6TomyxJxXMEEwvM2Q5MQ
• Facebookfacebook.com/chfa.org
• LinkedInlinkedin.com/company/connecticut-housing-finance-authority
• Instagraminstagram.com/connecticuthousingfinance

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Connecticut Housing Finance Authority