2. M ARKET O PPORTUNITY CHFA’s lending products – Residential mortgages to 1 st time homebuyers – Construction & permanent financing to affordable multifamily rental – Low-Income Housing Tax Credits Identified need – Rental opportunities at community scale – Technical assistance – Financing options

3. M ARKET O PPORTUNITY Over 116,000 units of housing are in structures with 5 – 19 units with or without commercial space Existing Buildings – Blighted, underutilized, or vacant – Historic in nature – Privately – owned – Urban, sub-urban and downtown neighborhoods

4. *2011 ACS 3-year survey provides estimates for areas with populations of 20,000 or more. The 116,032 of 5 to 19 units in these areas represent 11% of their total number of housing units. P ERCENT OF H OUSING U NITS WITHIN M UNICIPALITY THAT ARE IN 5 – 19 U NIT S TRUCTURES

5. P ARTNERSHIPS : CDFI I NVESTMENT R ESULTS $9 million Invested $300 Million Leveraged 2,000 Units Financed $9 million investment in three CDFIs Local Initiatives Support Corporation Connecticut Housing Investment Fund Greater New Haven Community Loan Fund Funds available for Predevelopment Bridge financing Construction – Rental and Ownership

6. D EPOT C ROSSING – B ERLIN, C ONNECTICUT Total Dev. Cost - $3.5 million Mixed-use/Mixed-Income 16 Rental Units Transit-Oriented Development Located on the planned New Haven-Hartford-Springfield Commuter Rail Service to start in 2016 After Before

7. Partnerships: CDFI Small Multifamily Loan Pool $5 million Loan Pool Provides acquisition/construction, construction, and permanent financing Properties with 3 – 20 rental housing units Units must be affordable to 80% AMI or located in LMI census tract Properties are blighted and/or vacant Offered through – Greater New Haven Community Loan Fund – Hartford Community Loan Fund – Housing Development Fund R ESULTS Between April – September, about $1.5 million has been drawn 52 rental housing units Average monthly savings to an owner is $237

8. 3 Story brick building Located in the Fair Haven neighborhood of New Haven 3 Large Family Rental Units Each unit is over 2,100 sq. feet with 6-bedrooms Units are fully leased to female headed households Needed improvements financed include New electrical writing & plumbing, New gas fired furnaces & water heaters Updated kitchens, & bathrooms New roof, new windows Replaced interior doors, and painting throughout

9. P ARTNERSHIPS : S UBURBAN & R URAL C OMMUNITIES Administered on behalf of CHFA by the Local Initiatives Support Corp. & Connecticut Housing Coalition Supports affordable housing development in Connecticut’s Suburban & Rural Communities by Providing – Outreach – Technical assistance Organizational Development Planning & Policy Assistance Project Technical Assistance – Education & Training – to support affordable housing development in Connecticut’s suburban & rural communities R ESULTS Creation of 261 new affordable units An additional 502 units in planning or development stages Directly leveraged over $43 million in total development

10. P ARTNERSHIPS : S UBURBAN & R URAL C OMMUNITIES Stuart Farms 5 units – Kent, CT. Northfield Firehouse 2 units – Litchfield, CT. Ferry Crossing 16 units – Old Saybrook, CT.

11. P ARTNERSHIPS : D OWNTOWN N EIGHBORHOODS Mixed-Use/Typical Downtown Vacant or Underutilized buildings Program provides – Architectural and design schematics – Proposal for redevelopment costs & sources – Assessment of zoning & regulatory requirements – Review of downtown management & walkability Program has 5 pilot properties Each building is representative of typical building found across Connecticut R ESULTS Municipal reviews of parking & zoning requirements One property owner looking to sell vacant property to an experienced mixed- use developer Reviewed interest in mixed-use downtown developments Creation of CHDT Loan Pool; partner with banks

12. P ARTNERSHIPS : D OWNTOWN N EIGHBORHOODS

13. C HALLENGES AND L ESSONS L EARNED Municipal – Zoning unit density – Parking requirements Financing – No conventional lending products – Lack of market history – Large financial gaps Private Owners – Risk averse – Cash flow vs. Asset value Affordability Policy

14. Questions? Contact Information: Diane Smith, Program Development Officer Phone: 860-571-4369 Email: diane.smith@chfa.orgdiane.smith@chfa.org