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Commercial Real Estate

competitive financing for your next project

Buy, Build, and Rehab with HDF

The Housing Development Fund is open for Business while working remotely. If you have questions or need more information, please contact HDF at info@hdfconnects.org

HDF finances a wide variety of commercial real estate throughout the state of Connecticut using our Multifamily Loan Fund consortium. These commercial projects have generated over 1,300 affordable housing units, revitalizing neighborhoods while leveraging federal, state, and local subsidies.

Contact our Director of Commercial Lending, Ali Robinson at 203-969-1830 x 2015 to discuss your next project!

Alternatively, select “Commercial Multifamily Lending/Ownership” on our CONTACT FORM, and we will get in touch with you via email.


View/download our info sheet HERE

our loan products

  • Predevelopment Loans with terms between one to two years
  • Acquisition/Rehabilitation Loans with terms up to two years
  • Construction Loans with terms up to two years
  • Mini-Permanent Loans with terms up to ten years
  • Permanent Loans with terms up to thirty years
  • Bridge Loans (for committed projects with subsidy sources) with terms up to two years which bridge public subsidy sources and low-income housing tax credits

Prior to loan closing, competitive interest rates are set with amortization up to thirty years. All HDF Loans are First Mortgages, i.e. they are the primary lien on the property that secures the mortgage.

Connecticut Green Bank also has multifamily energy financing that could help you reduce operating and energy costs while improving your tenants’ living environment!


check your eligibility

Eligible projects include subsidized affordable housing, special needs and supportive housing, mixed income housing, as well as mixed-use projects with residential as the main use. Rehabilitation and new construction projects for both homeownership and rental purposes may also be eligible.

Projects must meet certain criteria to be considered for HDF financing, including a loan to value not exceeding 90% as well as sufficient cash flow to meet debt service at a ratio of 1.10 or better.

Eligible borrowers include experienced non-profit affordable housing developers, Housing Authorities, and private developers of all sizes. The borrower’s financial  condition, collateral, and ability to repay are equally important components in the underwriting process.


HDF is willing to work with you if you are new to commercial real estate ownership. We provide technical assistance to determine if ownership is right for you.


requirements for Affordable housing

Each HDF project incorporates affordable housing in varying proportions and capacities. Depending on where your project is located, HDF’s affordable housing requirement ranges from 30% to 100% of your total units.
We define affordable housing as any one of the following:

(a)       Housing for which tenants pay no more than thirty percent (30%) of their annual income, where such income is no more than eighty percent (80%) of the median income of the area according to HUD data;

(b)       Housing for which tenants pay no more than thirty percent (30%) of their annual income, where such income does not exceed the town’s Metropolitan District Household Income Guidelines, as established by the FFIEC;

(c)       In the case of a Low-Income Housing Tax Credit (LIHTC) deal, the lesser of:

(i)       if applicable, housing which meets the threshold requirements for low-income occupancy and rental limits (Section 42 of the Internal Revenue Code governing LIHTC);

(ii)       housing which does not exceed the rental limits established by the state funding programs of the Connecticut Department of Housing and Department of Economic and Community Development.


hdf’s Process

Our loan commitments are decided within 6 weeks of receipt, provided that project information is received in full. The required documents are the following:

  • HDF Multifamily Loan Application
  • Borrower and Key Staff Resumes
  • Three Years of Audited or Personal Financial Statements
  • Project Narrative
  • Market Study
  • Appraisal
  • Evidence of Site Control
  • Zoning Approvals
  • Environmental Reports
  • Operating Pro-Forma
  • Development Budget

Please ensure you have assembled all the required documents before submitting  project information. If you have questions regarding any item on the list above, then please contact our Multifamily Loan Portfolio Manager at 203-969-1830 x 2015.


consortium Member Banks

The Multifamily Loan Fund at HDF is a consortium of eleven banks brought together to finance affordable housing projects throughout Connecticut.

Bankwell Bank
Connecticut Community Bank
DR Bank
First County Bank
First Republic Bank
M & T Bank
Newtown Savings Bank
People’s United Bank
Savings Bank of Danbury
Union Savings Bank
Webster Bank

Got questions? See our FAQs here

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