HUD Affordable Properties

What are is the California Housing Finance Agency (CalHFA)?

What are is the California Housing Finance Agency (CalHFA)?

The California Housing Finance Agency, also known as CHFA, is an independent California state agency that focuses on helping increase the amount of affordable housing in California. CalHFA does this by issuing bond-backed home loans, multifamily loans and assistance to multifamily developers. 

What are CHAMP Funds?

What are CHAMP Funds?

Competitive Housing Assistance for Multifamily Properties, is an initiative developed by the Connecticut Department of Housing (DOH), in order to increase the amount of affordable housing in Connecticut. The program assists developers in getting loans and grants, and may be combined with 4% low income housing tax credits (LIHTCs). 

What is a Bankruptcy Remote Entity?

What is a Bankruptcy Remote Entity?

Amortizing loans are loans in which part of each payment goes toward interest and part goes toward paying off the principal. In most cases, the the bulk of early monthly payments go toward interest, while the bulk of the later payments go toward the principal. HUD 223(f) loans are fully amortizing, which means that the loan’s principal will be fully paid off by the end of the loan’s term.

What is Assumability?

What is Assumability?

Amortizing loans are loans in which part of each payment goes toward interest and part goes toward paying off the principal. In most cases, the the bulk of early monthly payments go toward interest, while the bulk of the later payments go toward the principal. HUD 223(f) loans are fully amortizing, which means that the loan’s principal will be fully paid off by the end of the loan’s term.

What is Amortization?

What is Amortization?

Amortizing loans are loans in which part of each payment goes toward interest and part goes toward paying off the principal. In most cases, the the bulk of early monthly payments go toward interest, while the bulk of the later payments go toward the principal. HUD 223(f) loans are fully amortizing, which means that the loan’s principal will be fully paid off by the end of the loan’s term.

What is an Affordable Property?

What is an Affordable Property?

Investors and developers who use a HUD 223(f) loan to acquire or refinance a multifamily property have the choice to make that property affordable. Typically, this involves providing below-market rents and taking advantage of either the HUD Section 8 program or Low Income Housing Tax Credits (LIHTCs).