Financing of CHP development projects can be extremely complex and comprise multiple layers of funding from a variety of sources. We typically leverage private funds such as conventional bank dollars, investor equity, and corporate grants to secure public funding from local, state, and federal programs needed to complete a development. As a non-profit entity, CHP also has access to several funding sources not generally available to a traditional developer such as the Federal Home Loan Bank Affordable Housing Program (AHP), NEIGHBORWORKS AMERICA, state and local HOME/CHDO programs, 501(c)(3) bonds, and grants and donations. Other funding sources in include local and state HOME funds, SAIL funds, Federal Home Loan Bank AHP funds, federal weatherization funds, Historic Tax Credits, and Low Income Housing Tax Credits (LIHTC).
CHP has developed 106 LIHTC projects since the program was established in 1986 for a total of 6,720 units. With each of our in-house LIHTC projects, state and federal dollars have come together with private investor equity, and, frequently, private grant dollars and local government sources of funds, for the purpose of providing affordable housing to the public. Throughout the development process, as well as for the extended use period of each project (which can be 30 to 50 years or longer), both government and private investors remain invested in the success of these properties. It is a long-term relationship of accountability and oversight.