Small multifamily lending program. Lending guidelines.

(b) Not later than January 1, 2024, the Connecticut Housing Finance Authority shall establish guidelines for issuing loans under the program established pursuant to subsection (a) of this section. Such guidelines shall provide that: (1) Loans issued under such program shall be utilized to provide acquisition, construction, rehabilitation or permanent financing to (A) increase the affordable housing stock in higher income communities, including housing which would qualify for housing unit equivalent points pursuant to section 8-30g , (B) restore vacant and blighted properties or properties in need of rehabilitation to performing properties, or (C) assist revitalization efforts in low and moderate-income communities; and (2) If the property being purchased by an eligible applicant under such program is situated within an affordability incentive zone established pursuant to section 8-286e , the authority may utilize lending guidelines that are different from the guidelines utilized for the financing of a property that is not situated within an affordability incentive zone, which alternative lending guidelines may include, but need not be limited to, increased eligibility limits with respect to the purchase price of the property or the maximum loan amount or a reduced interest rate for such loan.