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CHFA approves up to $19.5M loan for Windward Apartments Phase II in Bridgeport
Summary
The CHFA Board unanimously approved a construction-to-permanent loan authorization of up to $19,500,000 for The Windward Apartments Phase II (51 units) in Bridgeport, plus an additional loan up to $1,000,000; affordability restrictions and funding conditions apply.
The Connecticut Housing Finance Authority voted unanimously on May 29 to authorize mortgage financing for The Windward Apartments, Phase II, a proposed 51-unit development in Bridgeport.
According to the resolution summarized by Pasquale Guliano, CHFA authorized a construction-to-permanent loan with principal not to exceed $19,500,000. Interest on advanced loan amounts is capped at 6.40% per annum. The loan structure provides for an interest-only construction period for up to 10 months followed by a permanent period with amortization; the resolution allows prepayment after specified periods subject to program maintenance fees.
CHFA also authorized an additional mortgage loan of up to $1,000,000 to be funded with affordable housing fund proceeds (which may include capital magnet fund grant proceeds, investment trust account proceeds or opportunity fund proceeds). That additional loan will accrue interest at not less than 1% per annum and generally be repaid from a portion of adjusted cash flow as determined by the Authority, subject to priority payments specified in the resolution.
The financing is conditioned on customary closing requirements: 40-year affordability restrictions as required by the Internal Revenue Code and CHFA's Qualified Allocation Plan (11 units for households above 30% and at or below 50% AMI; 40 units at or below 80% AMI), independent appraisal and market acceptance analysis, required governmental approvals, final construction plans and costs, commitments for all sources of funds (including greenhouse gas reduction funding where noted), operating projections, reserve funding, tenant relocation plans and a property management plan. The resolution sets a closing deadline of February 27, 2026, subject to extension by the Chief Executive Officer — Executive Director for good cause.
Attachment A to the Windward resolution authorizes bond sales for CHFA's Housing Mortgage Finance Program in an aggregate amount not to exceed $21,500,000 (2025 Series K) and grants staff authority to negotiate terms, execute official statements, and engage underwriters and counterparties for interest-rate swaps if needed.
The motion to adopt the Windward resolution was made by Heidi DeWyngaert and seconded by Gregory Ugalde; the roll-call vote was unanimous among directors present.
