The Connecticut Housing Finance Authority, also known as CHFA, is a self-supporting quasi-public housing agency operating in the State of Connecticut. The agency was established in the year 1969 to try to address the worries concerning the shortage or inadequate supply of cheap housing chances for Connecticut's low- and moderate-income families and individuals.
The grants and programsof the CHFA are aimed at the constant awareness of its mission which is to "help alleviate the dearth of cost-effective housing for low- and moderate-income families and people in Connecticut, and when acceptable, to promote or maintain the industrial development of the state through employer-assisted housing efforts."
In line with this mission, the Connecticut Housing Finance Agency has established the Homeownership Programme wherein it intends to provide reasonable home loans with below-market interest rates to tenants occupying in public assisted housing who wish to transition from hiring into homeownership.
The primary target market of the programme are renters who haven't yet owned a home before, but in most instances, the agency will make an exception for tenants who have previously owned a home before but wish to acquire a new home in a concentrated area.
Some of the important features of Homeownership Program is its fairly low interest rate which is identical to Interest rate: 3.250%** (APR range 3.35 - 3.75%), and its reasonable fixed mortgage repayment agreement that could last as long as 30 years.
In order to be deemed able to submit an application under the program, a borrower must satisfy the following suitability requirements:
1) First time house buyers renters who meet the minimum credit, earnings, and employment criteria
2) Renters who are currently receiving help under the Section 8 Rental Assistance Programme, the Department of Development Services or the State Moderate Rental Program
3) Tenants living in properties managed by the CHFA or a city housing authority
4) Tenants resident in CHFA-financed rental properties
5) Renters resident in HUD-subsidized housing
In addition, the kinds of properties that covered under the Homeownership Program are limited to the following:
1) Existing and new single-family homes, townhouses and Planned Unit Developments
2) Newly built homes that meet the energy efficiency standards that are set by the Federal Housing Authority
3) Condos that are approved by the CHFA
4) Two- to four-family houses which have been employed as places for the past five years or newly constructed two-family homes that's located in a Targeted Area
5) Selected mobile homes that meet the criteria of the CHFA.
If you're an interested borrower and you wish to discover more about this progra, you can visit CHFA's official website at www.chfa.org.
The grants and programsof the CHFA are aimed at the constant awareness of its mission which is to "help alleviate the dearth of cost-effective housing for low- and moderate-income families and people in Connecticut, and when acceptable, to promote or maintain the industrial development of the state through employer-assisted housing efforts."
In line with this mission, the Connecticut Housing Finance Agency has established the Homeownership Programme wherein it intends to provide reasonable home loans with below-market interest rates to tenants occupying in public assisted housing who wish to transition from hiring into homeownership.
The primary target market of the programme are renters who haven't yet owned a home before, but in most instances, the agency will make an exception for tenants who have previously owned a home before but wish to acquire a new home in a concentrated area.
Some of the important features of Homeownership Program is its fairly low interest rate which is identical to Interest rate: 3.250%** (APR range 3.35 - 3.75%), and its reasonable fixed mortgage repayment agreement that could last as long as 30 years.
In order to be deemed able to submit an application under the program, a borrower must satisfy the following suitability requirements:
1) First time house buyers renters who meet the minimum credit, earnings, and employment criteria
2) Renters who are currently receiving help under the Section 8 Rental Assistance Programme, the Department of Development Services or the State Moderate Rental Program
3) Tenants living in properties managed by the CHFA or a city housing authority
4) Tenants resident in CHFA-financed rental properties
5) Renters resident in HUD-subsidized housing
In addition, the kinds of properties that covered under the Homeownership Program are limited to the following:
1) Existing and new single-family homes, townhouses and Planned Unit Developments
2) Newly built homes that meet the energy efficiency standards that are set by the Federal Housing Authority
3) Condos that are approved by the CHFA
4) Two- to four-family houses which have been employed as places for the past five years or newly constructed two-family homes that's located in a Targeted Area
5) Selected mobile homes that meet the criteria of the CHFA.
If you're an interested borrower and you wish to discover more about this progra, you can visit CHFA's official website at www.chfa.org.
About the Author:
Michael Saunders is an editor of TopGovernmentGrants.com one the the most comprehensive Websites which provide information on government grants and government programs. He also maintains Websites providing resources on grants for youth programs and renovation grants.
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