Which state and federal programs can a small town like Old Lyme use? CHFA explains

Commissioners asked CHFA which specific funding programs a small town can realistically access. Rob Michalek and Andrew Bolger walked the commission through several tools: LIHTC (9% and 4% credits), a state HTCC program capped at $10 million statewide with $500,000 per nonprofit project, CHFA's Time to Own down‑payment assistance, and Build for CT loans targeted at 60–120% AMI units.

Michalek described the Time to Own product as a 0% non‑amortizing loan that is fully forgiven after a decade for recipients who meet occupancy requirements. He also noted HTCC’s flexibility for smaller nonprofit developers and that Build for CT has financed projects (29 properties since 2023) by pairing low‑interest loans with unit set‑asides. Commissioners discussed how town nonprofits and potential developers might access these programs and the role of the state Department of Housing as a co‑applicant in many funding stacks.