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This article, originally published on February 24, 2012, was updated on March 12, 2012.
The CT Department of Economic and Community Development (DECD) has issued a Notice of Funding Availability (NOFA) for $25 million in funding available for gap financing for the creation, preservation, and/or stabilization of affordable and/or workforce multifamily rental housing. DECD has clarified that the funding available through the Competitive Housing Assistance for Multifamily Properties (CHAMP) NOFA will utilize funds authorized for the Housing Trust Fund (HTF).
DECD has stated that gap financing from the Housing Trust Fund (HTF) or Flexible Housing Program (FLEX) is now available only through a competitive application process - DECD will no longer be accepting applications for State bond funded developments outside of this NOFA. At the CHAMP NOFA overview conference held on March 6, Ed LaChance of DECD stated that it is likely that DECD will issue three more NOFAs in 2012: one in early July, to be used in conjunction with 9% Low Income Housing Tax Credits (LIHTC); another NOFA in the summer (likely July) specifically for housing programs (rather than housing development projects); and another NOFA for a program similar to CHAMP in the fall.
For the CHAMP NOFA, the funds will be offered as grants and/or loans and may not exceed $5,000,000 per development. Applications under the CHAMP NOFA will are due to DECD by 4pm on Friday, April 13, 2012. Applicants who plan to apply for 4% tax credits from the Connecticut Housing Finance Authority are advised that "the standard CHFA-DECD Consolidated Application is required to be submitted for both the tax exempt bond financing and 4% tax credits."
DECD has posted a Q&A document based on questions asked by attendees of the March 6 overview conference.
Governor Malloy's press release regarding the NOFA is available here.