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May 8, 2020

CHFA offering relief for multifamily borrowers

By Joe Cooper

The Connecticut Housing Finance Authority (CHFA) says it's approving forbearance agreements of up to 90 days in an effort to provide financial relief to multifamily borrowers negatively impacted by the coronavirus pandemic.

Photo | CHFA
Nandini Natarajan

The quasi-public agency, which finances affordable multifamily rental housing for low- and moderate-income families and individuals, on Wednesday announced its board of directors granted CEO Nandini Natarajan the authority to temporarily approve mortgagor requests for loan modification or forbearance, which typically takes a month or more to process.

“The board felt it was important for CHFA to be able to respond to borrowers’ COVID-19 forbearance requests immediately,” said CHFA Commissioner and board chair Seila Mosquera-Bruno. “In this difficult business climate, providing temporary financial relief is critical to keep the economy moving.”

CHFA multifamily borrowers seeking a 30-day forbearance period are urged to submit a written request to the agency. Natarajan, appointed to lead CHFA last fall, said borrowers that are in compliance with their regulatory obligations will be approved.

In total, CHFA borrowers are able to request up to two more 30-day forbearance periods, she said.

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