The Funding Sources Inventory tool allows you to search a database of funding sources created for this guide to determine which may be relevant to consider for your development. Use the filters at the top of the page to narrow down the list of possible sources based on the characteristics of your development. The funding sources shown in the list at the bottom will be those that match at least one of the criteria from each of the filter categories you have selected (in other words, the filters use OR logic within each filter category and AND logic across filter categories). Review the remaining list to learn more about each program. You can click the “Details” button to display detailed information about each funding source.

Eligible UsesInclude funding that can be used for:

Funding TypeInclude the following type(s) of funding:

Affordability RequirementsShow funding that may have affordability requirements?

Funding Sources Inventory

Displaying 26 - 50 of 71
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HUD Section 184 Loan Guarantee Program 
The Section 184 Loan Program was designed to provide access to mortgage financing to Native American and Alaskan Native tribal members. Section 184 home loans are guaranteed 100% by the Office of Loan Guarantee within HUD's Office of Native American Programs. This guarantee encourages national and local banks to provide mortgage loans to Native Americans. The Office of Loan Guarantee works with a national network of lenders to increase Native access to home financing and to improve the value of Native investments.
Details
Eligible home types:
Single-family homes (1-4 units) that will be a primary residence (i.e. not a second home)
Eligible recipients:
Currently enrolled members of Federally Recognized Tribes, Tribally Designated Housing Entities (TDHEs), and Indian Housing Authorities
Eligible uses:
You can use the Section 184 Loan to: Purchase an Existing Home Construct a New Home (Site-Built or Manufactured Homes on permanent foundations) Rehabilitate a Home, including weatherization Purchase and Rehabilitate a Home Refinance a Home (Rate and Term, Streamline, Cash Out)
Affordability requirements:
None
Geography funding is available to :
All counties in CO are authorized by HUD; each Tribe designates what land is eligible for their members who wish to use Section 184 funds (this is not necessarily limited to tribal trust land)
Maximum financial assistance per project:
Varies by county
Additional notes or requirements:
Links to more information:
Tribal Housing Activities Loan Guarantee Program (Title VI) 
The purpose of the Title VI loan guarantee is to assist IHBG recipients (borrowers) who want to finance additional grant-eligible construction or development at today’s costs. Tribes can use a variety of funding sources in combination with Title VI financing, such as low-income housing tax credits.
Details
Eligible home types:
All (anything eligible for IHBG is eligible for Title VI)
Eligible recipients:
IHBG recipients (i.e. Federally Recognized Tribes and Tribally Designated Housing Entities [TDHEs])
Eligible uses:
Create new housing Rehabilitate housing Build infrastructure Construct community facilities Acquire land to be used for housing Prepare architectural & engineering plans Fund financing costs
Affordability requirements:
Grant funds must be used to primarily benefit low-income Native families
Geography funding is available to :
Native communities nationwide
Maximum financial assistance per project:
The maximum guarantee amount that a tribe/TDHE can borrow is approximately five times the need portion. A tribe/TDHE may have one or more Title VI loans, but the combined total may not exceed the maximum guarantee amount.
Additional notes or requirements:
Links to more information:
Indian Housing Block Grant (IHBG) 
The Indian Housing Block Grant (IHBG) program is a formula grant administered by HUD. It is available to federally recognized Tribes and TDHEs who submit an Indian Housing Plan and complete Annual Performance Reports. The funding may be used for housing services, crime prevention and safety, and innovative pilot approaches that solve affordable housing problems. Additional IHBG funding is made available on a competitive basis for affordable housing activities.
Details
Eligible home types:
All
Eligible recipients:
Federally Recognized Tribes and Tribally Designated Housing Entities (TDHEs) who submit an Indian Housing Plan and complete Annual Performance Reports
Eligible uses:
Housing development* Assistance to housing developed under the Indian Housing Program Housing services to eligible families and individuals Crime prevention and safety Model activities that provide creative approaches to solving affordable housing problems *For competitive IHBG funds, HUD will give priority to projects that spur construction and rehabilitation to expand and preserve the affordable housing supply in Indian Country. This includes necessary infrastructure projects that will enable future affordable housing construction or rehabilitation.
Affordability requirements:
Grant funds must be used to primarily benefit low-income Native families
Geography funding is available to :
Native communities nationwide
Maximum financial assistance per project:
Varies
Additional notes or requirements:
*Environmental impact assessments may be required. *Applicants are encouraged to engage in holistic long-term planning to inform proposed uses of IHBG
Links to more information:
Indian Community Development Block Grant (ICDBG) 
The Indian Community Development Block Grant (ICDBG) program provides direct grants for activities related to housing, community facilities, and economic opportunities, primarily for low- and moderate-income persons.
Details
Eligible home types:
All
Eligible recipients:
Federally-recognized tribal nations and Alaska Native villages
Eligible uses:
Housing (primarily rehabilitation and land acquisition for new construction, but also new housing construction in some circumstances) Community facilities (infrastructure for and construction of community buildings) Economic development projects
Affordability requirements:
Program funds are required to principally benefit low
  • and moderate-income persons
Geography funding is available to :
Native communities nationwide
Maximum financial assistance per project:
Determined annually (specified in each NOFA)
Additional notes or requirements:
ICDBG funds are exempt from federal prevailing wage requirements
Links to more information:
Tribal HUD-VASH 
Tribal HUD-VASH combines rental assistance from HUD with case management, clinical and supportive services provides by VA specifically for Native American Veterans who are homeless or at risk of homelessness. Grant funding is available to federally-recognized Tribes and TDHEs to administer this rental assistance, in partnership with the Department of Veterans Affairs (VA) who provides case management and supportive services to recipients of the assistance.
Details
Eligible home types:
N/A
Eligible recipients:
Federally-recognized tribal nations and TDHEs
Eligible uses:
Rental assistance for homeless Native American Veterans
Affordability requirements:
N/A
Geography funding is available to :
Native communities nationwide
Maximum financial assistance per project:
N/A
Additional notes or requirements:
Links to more information:
USDA Single Family Housing Direct Home Loans (aka Section 502 loans)
This program assists low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family income.
Details
Eligible home types:
2,000 square feet or less, no in-ground swimming pools, with a market value equal to or less than the applicable area loan limit set by USDA. Homes must be used as a primary residence and should not be designed for income producing activities.
Eligible recipients:
Low-income households who lack decent, safe and sanitary housing but are unable to obtain a loan from other resources
Eligible uses:
To help low-income individuals or households purchase homes in rural areas Build, repair, renovate or relocate a home Purchase and prepare sites (including providing water and sewage facilities)
Affordability requirements:
Funding must be used to support homeownership for low
  • and very-low-income families living in rural areas
Geography funding is available to :
Rural areas with a population less than 35,000
Maximum financial assistance per project:
Varies depending on applicant's assessed repayment ability and the area loan limit for the county in which the property is located
Additional notes or requirements:
Links to more information:
VA Native American Veteran Direct Loan Program 
The Native American Direct Loan (NADL) program is designed to assist households headed by Native Veterans in accessing financing to buy, build, or improve a home on federal trust land.
Details
Eligible home types:
Primary residences
Eligible recipients:
Veterans who are Native American or are married to someone who is Native American
Eligible uses:
Buy, build, or improve a home on federal trust land
Affordability requirements:
Geography funding is available to :
Federal trust land
Maximum financial assistance per project:
Varies based on applicant credit history, income, and assets
Additional notes or requirements:
Links to more information:
HUD Section 202 
HUD provides capital advances to finance the construction, rehabilitation or acquisition with or without rehabilitation of structures that will serve as supportive housing for very low-income elderly persons, including the frail elderly, and provides rent subsidies for the projects to help make them affordable.
Details
Eligible home types:
Supportive housing *if combined with additional financing, units funded with Section 202 may be included in buildings that offer other types of residential units (e.g. market rate units) or commercial space, so long as the 202 funding is only used for units serving very low-income elderly persons.
Eligible recipients:
Private nonprofit organizations and some nonprofit consumer cooperatives
Eligible uses:
Construction, rehabilitation or acquisition (with or without rehabilitation) of supportive housing
Affordability requirements:
Units financed with Section 202 must serve very low-income elderly persons (aged 62 years or older)
Geography funding is available to :
Nationwide
Maximum financial assistance per project:
Varies based on project type and size (will be specified in the Notice of Funding Availability released by HUD to award the funds)
Additional notes or requirements:
Each project must have a supportive services plan. Davis-Bacon requirements apply to projects financed with Section 202. All new construction and substantial (gut) rehabilitation projects financed with Section 202 must meet certain design requirements related to water and energy efficiency, broadband infrastructure, and accessibility. Projects developed with Section 202 must be in compliance with NEPA.
Links to more information:
HUD Section 811 
Through the Section 811 Supportive Housing for Persons with Disabilities program, HUD provides funding to develop and subsidize rental housing with the availability of supportive services for very low- and extremely low-income adults with disabilities. Two types of assistance are available through the Section 811 program 1) financing for nonprofit developers and 2) funding for state housing agencies to offer project-based rental assistance.
Details
Eligible home types:
Supportive housing
Eligible recipients:
Nonprofit organizations with Section 501c3 tax exemption from the IRS State housing agencies (for funding to administer project-based rental assistance only)
Eligible uses:
Construction, rehabilitation or acquisition (with or without rehabilitation) of supportive housing
Affordability requirements:
For projects funded by capital advances and supported by project rental assistance contracts (PRACs), households must be very low-income (within 50 percent of the median income for the area) with at least one adult member with a disability (such as a physical or developmental disability or chronic mental illness). For projects funded with Project Rental Assistance through state housing agencies, residents must be extremely low-income (within 30 percent of the median income for the area) with at least one adult member with a disability. States may establish additional eligibility requirements for this program.
Geography funding is available to :
Nationwide
Maximum financial assistance per project:
Varies based on project type and size (will be specified in the Notice of Funding Availability released by HUD to award the funds)
Additional notes or requirements:
Each project must have a supportive services plan. Davis-Bacon requirements apply to projects financed with Section 811. All new construction and substantial (gut) rehabilitation projects financed with Section 811 must meet certain design requirements related to water and energy efficiency, broadband infrastructure, and accessibility. Projects developed with Section 811 must be in compliance with NEPA.
Links to more information:
Continuum of Care (CoC) program 
The CoC Program is designed to assist individuals (including unaccompanied youth) and families experiencing homelessness and to provide the services needed to help such individuals move into transitional and permanent housing, with the goal of long-term stability. More broadly, the CoC Program is designed to promote community-wide planning and strategic use of resources to address homelessness; improve coordination and integration with mainstream resources and other programs targeted to people experiencing homelessness; improve data collection and performance measurement; and allow each community to tailor its programs to the particular strengths and challenges in assisting homeless individuals and families within that community.
Details
Eligible home types:
Permanent supportive housing for persons with disabilities Rapid re-housing (housing search and relocation services, plus short
  • and medium-term rental assistance) Transitional housing (up to 24 months of housing with accompanying supportive services) Supportive services
Eligible recipients:
Private nonprofit organizations, States, local governments, public housing agencies, or instrumentalities of State or local government
Eligible uses:
Acquisition, rehabilitation, new construction Leasing costs Rental assistance costs (tenant-based, sponsor-based, or project-based) Supportive services costs Operating costs Costs related to collecting and managing client data via the Homeless Management Information System Program administration
Affordability requirements:
Housing resources must serve families experiencing homelessness (or who recently experienced homelessness)
Geography funding is available to :
Nationwide
Maximum financial assistance per project:
Varies annually based on HUD and local priorities, plus overall demand for funds
Additional notes or requirements:
All housing leased with CoC Program funds (including where rental assistance payments are made) must meet applicable Housing Quality Standards
Links to more information:
Choice Neighborhoods 
The Choice Neighborhoods program leverages significant public and private dollars to support locally driven strategies that address struggling neighborhoods with distressed public or HUD-assisted housing through a comprehensive approach to neighborhood transformation. Local leaders, residents, and stakeholders, such as public housing authorities, cities, schools, police, business owners, nonprofits, and private developers, come together to create and implement a plan that revitalizes distressed HUD housing and addresses the challenges in the surrounding neighborhood. The program helps communities transform neighborhoods by revitalizing severely distressed public and/or assisted housing and catalyzing critical improvements in the neighborhood, including vacant property, housing, businesses, services and schools.
Details
Eligible home types:
Mixed-income multifamily properties that are replacing distressed public or assisted housing
Eligible recipients:
PHAs, local governments, tribal entities, and nonprofits
Eligible uses:
Planning grants: development of a comprehensive neighborhood Transformation Plan, plus "Early Action Activities" (i.e. physical neighborhood improvements that enhance and accelerate the transformation of the neighborhood) as identified through the planning process. The following types of activities may be considered Early Action Activities: reclaiming vacant property, beautification/placemaking/community arts projects, homeowner and business facade improvement programs, neighborhood broadband/Wi-Fi infrastructure and installation, fresh food initiatives, and gap financing for economic development projects. Note: housing development activates are not eligible to receive funding through Choice Neighborhoods planning grants. Implementation grants: replacement of distressed public and assisted housing with high-quality mixed-income housing and revitalization of existing housing that is receiving project-based rental assistance (PBRA). Additionally, up to 15% of implementation grants may support services for residents and another 15% may be used for critical community improvements that will support broader neighborhood reinvestment. Critical community improvements include: financing for commercial space, micro loan funds, business improvement grants/loans, homeowner facade improvement programs, placemaking, neighborhood Wi-Fi, parks related to housing, food incubators, and urban farms.
Affordability requirements:
Transformation Plans must demonstrate that each current tenant will be able to receive the replacement housing, if they are lease-compliant at the time of relocation and they wish to return. Plans must provide an adequate number of replacement housing units that can be occupied by households with incomes up to 80 percent AMI (i.e. they cannot be subject to requirements to serve a lower income level by another funding source). Any redevelopment activities funded by Choice Neighborhoods implementation grants must meet a one-for-one replacement requirement for any public and/or assisted housing units.
Geography funding is available to :
Neighborhoods where at least 20% of residents are estimated to be in poverty or have extremely low-incomes
Maximum financial assistance per project:
Planning grants: $450,000 over 2 years Implementation grants: $30-35 million over 5-6 years
Additional notes or requirements:
Within planning grants, Early Action Activities must be approved by HUD and completed within the first 24 months of the grant. Housing funded by the Choice Neighborhoods program must be energy efficient, climate resistant and sustainable. It must also meet the requirements of accessible design and offer affordable broadband Internet access. Davis-Bacon wage requirements apply to the development of any replacement housing rental units or homeownership units developed with Choice Neighborhoods Implementation Grant funds.
Links to more information:
RAD 
The Rental Assistance Demonstration (RAD) allows public housing agencies (PHAs) and owners of other HUD-assisted properties to convert units from their original sources of HUD financing to project-based Section 8 contracts. The primary benefit of RAD is that properties that convert under this process are no longer restricted from securing private sources of capital financing, and the owners are therefore able to address deferred maintenance issues that have caused Public Housing and other HUD rental stock to deteriorate nationwide.
Details
Eligible home types:
Redeveloped public housing units (priority given to proposals that redevelop physically or functionally obsolete public housing, public housing redevelopments that are part of a comprehensive neighborhood revitalization plan, and properties that are in imminent danger of losing financing).
Eligible recipients:
PHAs
Eligible uses:
Conversion of public housing contracts to long-term Section 8 contracts
Affordability requirements:
Generally, PHAs must provide a one-to-one unit replacement for all units redeveloped after a RAD conversion. Additional requirements may apply depending on additional financing leveraged to recapitalize or redevelop properties.
Geography funding is available to :
Nationwide
Maximum financial assistance per project:
There is a cap on how many public housing units may be converted under the RAD program nationwide (455,000 units at time of writing). This cap is set by Congress.
Additional notes or requirements:
Davis-Bacon wage requirements and federal accessibility requirements apply to any RAD conversion projects. All RAD projects must be in compliance with NEPA. Tenant relocation requirements (Uniform Relocation Act compliance, Right to Return guarantee) also apply to all RAD conversions. Additional design considerations related to energy and water-efficiency, social connectivity and inclusion, broadband access, aging-in-place, environmental stewardship, and climate change resilience are encouraged.
Links to more information:
Public Housing Capital Fund 
Capital and management funding for public housing agencies
Details
Eligible home types:
Public housing units
Eligible recipients:
PHAs
Eligible uses:
Development, financing, and modernization of public housing projects, which includes redesign, reconstruction, and reconfiguration of public housing sites and buildings (including accessibility improvements) and development of mixed-finance projects. Vacancy reduction. Addressing deferred maintenance needs, including replacing obsolete utility systems. Planned code compliance or management improvements. Increasing on-site computer access and training. Resident relocation. Capital expenditures to facilitate programs to improve resident empowerment and economic self-sufficiency. Capital expenditures to improve safety and security of residents. Homeownership activities. Installing or changing fixtures and fittings to improve energy and water-use efficiency. Integrated utility management and capital planning.
Affordability requirements:
Public housing is limited to low-income families and individuals
Geography funding is available to :
Nationwide
Maximum financial assistance per project:
Each PHA's annual allocation is determined by formula (based on data submitted by each PHA about existing and accrued modernization needs)
Additional notes or requirements:
Davis-Bacon wage requirements apply for all work or contracts exceeding $2,000 in connection with development or modernization activities for a public housing project (except for non-routine maintenance work)
Links to more information:
Public Housing Operating Fund 
The Public Housing Operating Fund provides operating subsidies to housing authorities to assist in funding the operating and maintenance expenses of their own dwellings. The subsidies are required to help maintain services and provide minimum operating reserves.
Details
Eligible home types:
Public housing units
Eligible recipients:
PHAs
Eligible uses:
PHA operations. A portion of operating reserves may be used for debt service, collateral, or other financing costs incurred by borrowing private capital to finance development and modernization of public housing. [see: https://www.hud.gov/sites/documents/OPFUND-FINANCING-GUIDE.PDF]
Affordability requirements:
Public housing is limited to low-income families and individuals
Geography funding is available to :
Nationwide
Maximum financial assistance per project:
Each PHA's annual allocation is determined by formula (based on data submitted by each PHA about their income and expenses)
Additional notes or requirements:
Links to more information:
FHA 223(f) Multifamily Loan Insurance Program
Section 207/223(f) insures mortgage loans to facilitate the purchase or refinancing of existing multifamily rental housing. These projects may have been financed originally with conventional or FHA insured mortgages. Properties requiring substantial rehabilitation are not eligible for mortgage insurance under this program.
Details
Eligible home types:
Properties with 5+ residential units (each including complete kitchens and baths) that have been completed or substantially rehabilitated at least 3 years prior to the date of application for mortgage insurance. The remaining economic life of the project must be long enough to permit a ten-year mortgage.
Eligible recipients:
For-profit and non-profit borrowers
Eligible uses:
Non-critical repairs that will be completed within 12 months of loan closing. Projects requiring substantial rehabilitation (e.g. replacement of more than one major system) are not allowable.
Affordability requirements:
None
Geography funding is available to :
Nationwide
Maximum financial assistance per project:
The mortgage term cannot exceed 35 years or 75 percent of the estimated life of the physical improvements, whichever is less.
Additional notes or requirements:
Davis Bacon prevailing wage requirements do not apply to this program.
Links to more information:
Small Balance Loan Program
Loans for the purchase or refinancing of small apartment buildings (targeting 5 to 50 units), ranging from $1 million to $7.5 million.
Details
Eligible home types:
Multifamily housing with 5+ residential units, except: senior housing with support services, student housing, military housing, properties with project-based housing assistance payment contracts, LIHTC properties with LURAs in compliance years 1 through 12, Historic Tax Credit properties with a master lease structure, and properties with tax-exempt bonds Interest Reduction Payments. Non-contiguous properties within the same zip code and mixed use buildings may be allowed.
Eligible recipients:
Limited partnerships; limited liability companies; Single Asset Entities; Special Purpose Entities; tenancy in common with up to five unrelated members; and irrevocable trusts with an individual guarantor
Eligible uses:
Acquisition or refinance of multifamily properties
Affordability requirements:
None
Geography funding is available to :
Nationwide
Maximum financial assistance per project:
Loan size may range from $1 million up to $7.5 million. Maximum LTV typically ranges from 70 to 80% depending on the market and type of project (purchase vs. refinance).
Additional notes or requirements:
Links to more information:
Value-Add Loan Program
Short-term, cost-effective financing for modest property upgrades.
Details
Eligible home types:
Multifamily properties (including mixed-use) with no more than 500 total units. Senior housing, student housing and manufactured housing communities are not eligible.
Eligible recipients:
Developers/operators with experience in multifamily property rehabilitation and in the local market with sufficient financial capacity
Eligible uses:
Light rehabilitation of multifamily properties
Affordability requirements:
None
Geography funding is available to :
Nationwide
Maximum financial assistance per project:
Maximum LTV: 85%. Minimum amortizing DCR: 1.1x
  • 1.15x depending on the market. Rehabilitation budget must be within $10,000 to $25,000 per unit.
Additional notes or requirements:
Rehabilitation must commence within 90 days of loan origination and be completed within 33 months
Links to more information:
NOAH Preservation Loan
Supports the long-term preservation of unsubsidized affordable housing (aka naturally occurring affordable housing or NOAH) by providing qualifying nonprofits competitive financing to acquire properties and preserve long-term affordability.
Details
Eligible home types:
Garden, mid-rise, or high-rise multifamily NOAH properties
Eligible recipients:
501(c)(3) nonprofit organizations with affordable housing preservation as a stated part of its mission and a demonstrated history of successful property ownership. The nonprofit must either have an equity partner providing mission-focused equity, be contributing 100% of the equity themselves, or using the Freddie Mac Impact Gap Financing offering.
Eligible uses:
Acquisition of unsubsidized affordable properties (aka "naturally occurring affordable housing" or "NOAH")
Affordability requirements:
At least 50% of the units must have affordable rents at 60% / 80% / 100% / 120% area median income (AMI) based on market at the time of origination
Geography funding is available to :
Nationwide
Maximum financial assistance per project:
Maximum LTV: 80%. Minimum DCR: 1.20x or 1.25x, subject to underwriting approval.
Additional notes or requirements:
Links to more information:
Impact Gap Financing
Provides Impact Investors the opportunity and infrastructure to invest directly in NOAH preservation efforts in their communities and nationwide by closing capital gaps between Sponsor-provided equity and the Freddie Mac NOAH Preservation Loan.
Details
Eligible home types:
Garden, mid-rise, or high-rise multifamily NOAH properties
Eligible recipients:
501(c)(3) nonprofit organizations with affordable housing preservation as a stated part of its mission and a demonstrated history of successful property ownership
Eligible uses:
Acquisition and preservation of unsubsidized affordable properties (aka "naturally occurring affordable housing" or "NOAH")
Affordability requirements:
At least 50% of the units must have affordable rents at 60% / 80% / 100% / 120% area median income (AMI) based on market at the time of origination
Geography funding is available to :
Nationwide
Maximum financial assistance per project:
Maximum LTV: 80%. Minimum DCR: 1.20x or 1.25x, subject to underwriting approval.
Additional notes or requirements:
Links to more information:
Tax-Exempt Loan
Financing for the acquisition or refinance of stabilized affordable multifamily properties with 4% Low-Income Housing Tax Credits (LIHTC) with at least 7 years remaining in the LIHTC compliance period.
Details
Eligible home types:
Garden, mid-rise or high-rise multifamily properties with 4% LIHTC with 90% occupancy for 90 days. May be used for mixed-use properties.
Eligible recipients:
Any owner of a property with 4% LIHTCs.
Eligible uses:
Refinancing affordable multifamily properties with 4% LIHTCs.
Affordability requirements:
There must be at least 7 years remaining in the LIHTC compliance period.
Geography funding is available to :
Nationwide
Maximum financial assistance per project:
Maximum LTV: 85% of adjusted value or 90% of market value. Minimum DCR: 1.15x.
Additional notes or requirements:
Links to more information:
Multifamily Small Loan Program
Fannie Mae recognizes that owners of smaller properties have specific financing needs, and the Fannie Mae Multifamily Small Loan program has product offerings designed to meet those needs. The Multifamily Small Loan Program offers a streamlined loan process for fixed- and variable-rate mortgage loans up to $6 million nationwide.
Details
Eligible home types:
Multifamily properties with 5+ residential units
Eligible recipients:
For-profit and non-profit borrowers
Eligible uses:
Acquisition or refinance of multifamily properties
Affordability requirements:
None
Geography funding is available to :
Nationwide
Maximum financial assistance per project:
Up to $6 million. Maximum LTV: 80%. Minimum DCR: 1.25x.
Additional notes or requirements:
Links to more information:
MBS as Tax-Exempt Bond Collateral (MTEB)
A Fannie Mae Multifamily MBS that can be used as collateral to credit enhance either (i) existing fixed-rate bond refundings, or (ii) new fixed-rate bond issues in conjunction with 4% Low-Income Housing Tax Credits (LIHTC).
Details
Eligible home types:
Multifamily affordable housing properties with 4% LIHTCs.
Eligible recipients:
All property owners
Eligible uses:
Development, rehabilitation, or refinancing of multifamily affordable housing properties.
Affordability requirements:
None beyond existing requirements placed on eligible properties by 4% LIHTC program (note: higher LTVs allowed for properties with more affordable units)
Geography funding is available to :
Nationwide
Maximum financial assistance per project:
Maximum LTV: 90% for 4% LIHTC properties with at least 90% of the units meeting affordability requirements; 85% for 4% LIHTC properties with less than 90% of the units meeting affordability requirements; and 80% for refundings. Minimum DCR: 1.15x for 4% LIHTC properties with at least 90% of the units meeting affordability requirements; 1.20x for 4% LIHTC properties with less than 90% of the units meeting affordability requirements and for refundings.
Additional notes or requirements:
Links to more information:
Small Multifamily Permanent Loan Program (SIMPLE)
SIMPLE provides up to $3 million in uninsured permanent financing for 9 percent Housing Credit projects. With streamlined execution, you can get to loan commitment in as little as 60 days of submitting a complete application. Can be paired with CHFA's gap financing programs (e.g. CHFA Housing Opportunity Fund or Capital Magnet Fund).
Details
Eligible home types:
9% LIHTC projects
Eligible recipients:
Anyone who has received 9% tax credits (for-profit developers, nonprofit developers, and housing authorities are eligible for LIHTC)
Eligible uses:
Acquisition, new construction, and substantial rehabilitation of projects that have received 9% Low-Income Housing Tax Credits
Affordability requirements:
Minimum AMI Restrictions: 20% at 50% AMI or 40% at 60% AMI
Geography funding is available to :
Colorado
Maximum financial assistance per project:
$3 million. Maximum LTV: 90%. Minimum DCR: 1.15x.
Additional notes or requirements:
Must conform with CHFA Credit Policy, including operating and replacement reserve requirements. CHFA requires an operating reserve sized to six months of underwritten operating expenses and debt service. Replacement reserve deposits and tax/insurance escrows are required once the project converts to the permanent period. For new construction projects, the minimum replacement reserve deposit is $250 per unit per year for senior properties, $300 per unit per year for family properties, and $350 per unit per year for permanent supportive housing properties. For acquisition/rehab properties, the corresponding reserves minimums would be increased by $50 per unit per year.
Links to more information:
Housing Opportunity Fund (HOF)
CHFA HOF provides up to $1 million in flexible gap financing, which can be paired with any of CHFA’s senior debt programs as secondary financing, used as a first mortgage loan, or as an interest rate subsidy.
Details
Eligible home types:
All
Eligible recipients:
Any owner of an affordable property
Eligible uses:
Acquisition, new construction, and substantial rehabilitation
Affordability requirements:
Minimum AMI Restrictions: 20% at 50% AMI or 40% at 60% AMI
Geography funding is available to :
Colorado
Maximum financial assistance per project:
$1 million. Maximum LTV: 90%. Minimum DCR: 1.15x (first loan) or 1.05x (combined with all hard debt)
Additional notes or requirements:
Must conform with CHFA Credit Policy, including operating and replacement reserve requirements (when the HOF program is used as a first mortgage or senior debt; reserve requirements are not in place if HOF is used as secondary or tertiary debt). Replacement Reserve deposits and tax/insurance escrows are required once the project converts to the permanent period. For new construction projects, the minimum Replacement Reserve deposit is $250 per unit per year for senior properties, $300 per unit per year for family properties, and $350 per unit per year for permanent supportive housing properties. For acquisition/rehab properties, the corresponding reserves minimums would be increased by $50 per unit per year. CHFA must be the senior lender if this funding is used.
Links to more information:
Small-scale Housing Permanent Loan
The Small-scale Housing Program (SHIP) was created to provide financing for multifamily projects with less than 20 units, which are often located outside of major metro areas.
Details
Eligible home types:
Rental housing properties with between 4 and 19 units
Eligible recipients:
Any developer
Eligible uses:
New construction, acquisition/rehab, and refinances
Affordability requirements:
A total of 75% of the project units must be available and affordable to residents earning up to 120% Area Median Income (AMI). In addition, 20% of the total units must be restricted to residents earning 80% AMI or less.
Geography funding is available to :
Colorado
Maximum financial assistance per project:
$2.5 million. Lesser of 85% LTV or 90% of development costs. Minimum DCR: 1.20x
Additional notes or requirements:
Market Study or Housing Needs Assessment must demonstrate demand for the proposed project. There is a six-month reserve requirement for operating expenses and debt service, with a minimum replacement reserve requirement at $350/unit/year, increasing annually by 3%. A Phase I environmental assessment, at a minimum, is required for all projects. If the project involves an existing building constructed before 1978 that has no documentation of previous abatement, a lead-based paint and asbestos-containing materials report must be submitted along with a plan for abatement during rehab and/or an Operations and Maintenance Manual for managing the hazards in place. Radon testing is required after the project is complete and appropriate mitigation provided if radon levels are higher than the EPA-recommended threshold for abatement action.
Links to more information:

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Low-Income Housing Tax Credit (LIHTC)
The Low-Income Housing Tax Credit provides an incentive for investors to invest in affordable housing construction and preservation via a tax credit. It is available as a competitive credit (9%), scored based on criteria in CHFA's Qualified Allocation Plan, or a non-competitive credit (4%), available to any project that receives at least 50 percent of their funding through tax-exempt bond financing (e.g. Private Activity Bonds) may claim this smaller tax credit without receiving a specific allocation from CHFA.
Details
Eligible home types:
  • Multifamily homes
  • Single-family homes
Eligible recipients:
  • For-profit developers
  • Nonprofit developers
  • Housing authorities
Eligible uses:
  • New construction of rental properties
  • Rehabilitation of rental properties
  • Permanent supportive housing
Affordability requirements:
Income requirements:
  • At least 20 percent of units affordable to households at or below 50% AMI
  • At least 40 percent of units affordable to households at or below 60% AMI
  • At least 40 percent of units affordable to households at or below 60% AMI (based on income averaging across all units)
  • Rents cannot exceed 30 percent of 50-60% AMI (depending on share of credits in use)
  • 30 year affordability period
Geography funding is available to :
Statewide
Maximum financial assistance per project:
9% LIHTC: $1,350,000 (except for project financed with private activity bonds)
Additional notes or requirements:
9% and 4% federal Low-Income Housing Tax Credits are awarded by CHFA on annual basis. All projects must meet the minimum application and underwriting requirements and then are further evaluated against scoring criteria outlined in the Qualified Allocation Plan. CHFA sets a minimum score for both tax credit awards, with a lower threshold score for 4% federal tax credit projects and outlines state-specific policy priorities in its Qualified Allocation Plan.
Links to more information:
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