CHFA explains Build for CT workforce-housing loans to Shelton planning commission

Vin Bergen, senior business development officer at the Connecticut Housing Finance Authority (CHFA), presented an overview of CHFA’s Build for CT workforce-housing program to the Shelton Planning and Zoning Commission during a virtual special meeting on June 24, 2025. The commission heard how the program offers subordinate, low-interest construction-to-permanent and permanent-only loans to make multifamily development more financially feasible while requiring a minimum share of units to be restricted at workforce income levels.

The presentation covered program origins, basic mechanics and municipal implications. Bergen said the program “originated back in 2023 as part of the biennium budget” and was created in partnership with the Connecticut Department of Housing to spur market-rate and workforce multifamily development statewide. He told commissioners CHFA has closed 20 loans to date and reported about $90,000,000 in funding that assisted development of roughly 2,700 apartment units, including about 700 units designated as workforce housing.

Bergen described loan structure and eligibility. Build for CT typically targets new construction, adaptive reuse or substantial rehabilitation of multifamily projects, and CHFA looks for developments of about 50 units or more so a 20% minimum results in roughly 10 restricted units. CHFA’s underwriting has included a loan allocation of $125,000 per qualified restricted unit. Construction terms may be up to 36 months with a…