What are CHAMP Funds?
CHAMP Funds in Relation to HUD 223(f) Loans
Competitive Housing Assistance for Multifamily Properties, also known as CHAMP, is an initiative developed by the Connecticut Department of Housing (DOH), that “provides gap funding to owners of existing developments and developers of proposed new developments to increase the supply of safe, decent and affordable housing in Connecticut.” Investors intent on acquiring or refinancing affordable properties with HUD 223(f) loans in Connecticut sometimes decide to use CHAMP loans and grants as a supplemental source of financing..
The CHAMP program may be combined 4% low income housing tax credits (LIHTCs), which allow investors to claim a 10-year deduction on their federal tax returns. To learn more about the CHAMP program, visit the Connecticut Department of Economic and Community Development here.