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CHFA commits up to $5 million to Habitat for Humanity loan‑purchase program
Summary
CHFA authorized up to $5,000,000 from its Investment Trust Account proceeds (or other sources) to the Habitat for Humanity Loan Purchase Program to help leverage Habitat's zero‑percent mortgages for low‑income homeownership.
The Connecticut Housing Finance Authority on June 26 approved committing up to $5 million to the Habitat for Humanity Loan Purchase Program to enhance Habitat's capacity to underwrite zero‑percent mortgages for low‑income homebuyers.
Hazim Taib, Chief Financial Officer, presented a memorandum recommending the additional investment and the Board authorized the Chief Executive Officer – Executive Director to commit up to $5,000,000 to the program from the Authority’s Investment Trust Account proceeds or other sources deemed appropriate by the Authority. The CEO is also authorized to modify or supplement terms and take actions necessary to effectuate the commitment.
The resolution references earlier CHFA authorizations from 2009 and 2021 establishing the program that purchases mortgages originated by Habitat at an agreed discount so Habitat can recycle funds for additional homeownership opportunities.
