All projects of the agency must meet CDFC's investment standards as well as assist in the creation of jobs, affordable housing, or commercial development. All real estate loans go directly to CDCs. CDFC structures its investments to encourage private financial institutions to participate. Its Minority and Women's Contractor Bond Support Program assists contractors to meet surety standards so they can qualify for bid, payment, and performance bonds.
Subsidized apartments are subject to agency regulations governing household income and family size.
Call MHFA for a list of developments. Loans are available at zero, five, and 8.5 percent interest rates to applicants who meet certain income and dwelling requirements. The Homebuyer Counseling Program educates first-time buyers in the complexities of the homebuying process and prepares them for the responsibilities of ownership. For all of these programs, homeowners must apply through the local rehabilitation agencies. Call MHFA for a list of these local agencies.