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 accordance with this mission, the Connecticut Housing Finance Agency has established the Homeownership Program whereby it means to provide reasonable home loans with below-market interest rates to renters occupying publicly assisted housing who would like to transition from renting 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 key features of Homeownership Programme is its reasonably low rate which is equivalent to Interest rate: 3.250%** (APR range 3.35 - 3.75%), and its reasonable fixed mortgage repayment schedule that would last up to 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) Renters residing in CHFA-financed rental properties
5) Renters living 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 houses, townhouses and Planned Unit Developments
2) Just built homes that meet the energy efficiency standards that are set by the Federal Housing Authority
3) Condominiums that are accepted by the CHFA
4) Two- to four-family houses which have been utilized as houses for the past five years or recently assembled two-family homes that's located in a Targeted Area
5) Selected mobile houses that meet the factors 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 accordance with this mission, the Connecticut Housing Finance Agency has established the Homeownership Program whereby it means to provide reasonable home loans with below-market interest rates to renters occupying publicly assisted housing who would like to transition from renting 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 key features of Homeownership Programme is its reasonably low rate which is equivalent to Interest rate: 3.250%** (APR range 3.35 - 3.75%), and its reasonable fixed mortgage repayment schedule that would last up to 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) Renters residing in CHFA-financed rental properties
5) Renters living 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 houses, townhouses and Planned Unit Developments
2) Just built homes that meet the energy efficiency standards that are set by the Federal Housing Authority
3) Condominiums that are accepted by the CHFA
4) Two- to four-family houses which have been utilized as houses for the past five years or recently assembled two-family homes that's located in a Targeted Area
5) Selected mobile houses that meet the factors 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 elaborate Sites that provide info on administration grants and central government programs. He also maintains Web sites providing resources on grants for youth programs and DIY grants.
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