important tax news: payment of property taxes

For any loan closed in the prior year and purchased by CHFA after January 28th of every year, Participating Lenders are responsible at a minimum for the payment of the first half of required prior year’s property taxes and all previous years’ taxes due. In the event January 28th falls on a weekend, the preceding Friday will serve as the date Participating Lenders are responsible for the first half of the prior year’s property taxes and all other previous years’ taxes due.

For any purchase loan closed on or after January 1st, all prior years’ property taxes must be paid at the time of closing.

CHFA will require proof of property tax payments prior to loan purchase.