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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.

To contact us, select “Commercial Multifamily Lending/Development” 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
  • Construction Loans with terms up to two years
  • Permanent Loans with terms up to thirty years including conversion of construction loans
  • Bridge Loans (for committed projects with subsidy sources) with terms up to two years to bridge committed subsidy or permanent financing sources

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 rehabilitation and new construction of affordable rental and homeownership housing, including supportive, special needs, mixed income, and mixed use housing.

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, value, project feasibility, and ability to repay are equally important components in the underwriting process.

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 40% to 100% of your total units.

(a)       If the property is located in a low- or moderate-income neighborhood, a minimum of 40% of the units must be affordable to tenants who earn <80% of HUD’s established income guidelines or Federal Financial Institutions Examination Council (“FFIEC”) income guidelines.  Any units with HUD Section 8 or Housing Choice Vouchers are eligible.

(b)       If the Property is not located in a low- or moderate-income neighborhood, then 100% of the units need to be affordable as outlined in (a). Any units with HUD Section 8 or Housing Choice Vouchers are eligible.

(c)       Tenants do not pay more than 30% of their income in rent if they pay their own utilities or 35% of their income in rent if the owner pays the unit utilities.

See the HDF’s Info Sheet above for annual income guidelines for both HUD and FFIEC.


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.


consortium Member Banks

The Multifamily Loan Fund at HDF is a consortium of ten 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
Webster Bank

Got questions? See our FAQs here

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