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CHFA asks committee to let remaining EMAP bond funds be used for down‑payment assistance
Summary
The Connecticut Housing Finance Authority asked the housing committee to allow an existing bond authorization for its emergency mortgage assistance program (EMAP) to be used also for the agency’s down‑payment assistance program (DAP), saying the change would not increase the authorized amount but would give flexibility to deploy about $5 million remaining under the bond.
The Connecticut Housing Finance Authority testified early in the hearing in favor of Raise Bill 51‑62, which would expand eligible uses of an existing bond authorization to allow the agency to use remaining emergency mortgage assistance (EMAP) bond authority for its down‑payment assistance (DAP) program.
Hazem Tayek, CHFA’s chief financial officer, said the request does not enlarge the total $38 million authorization but would permit the roughly $5 million remaining in EMAP authorization to be applied toward either EMAP or DAP as needs shift. He described EMAP as a program providing emergency mortgage or lien assistance to homeowners facing hardship and DAP as subordinate mortgage loans that help cover down payment and closing costs to support first‑time homebuyers.
‘‘The bill does not alter the amount of the existing bond authorization. It simply expands the eligible uses of that authorization so that we can use the remaining $5,000,000 on either EMAP or DAP,’’ Tayek said.
Committee members had no substantive questions and thanked CHFA for the testimony; CHFA said its CEO Nandini Natarajan had a scheduling conflict and the CFO appeared on her behalf. The committee did not take a vote on the measure during the hearing.
