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CHFA authorizes up to $17 million in Housing Mortgage Finance Program bonds and swap authority
Summary
As part of the 2980 State Street financing, CHFA authorized continuing its Housing Mortgage Finance Program via bond sales, approving up to $17 million for the 2025 Series L, delegated sale mechanics and underwriter requirements, and authorized staff to negotiate interest rate swaps for the bond sale.
The Connecticut Housing Finance Authority voted on June 26 to authorize bond sales to support its Housing Mortgage Finance Program and related mortgage financings. The Board's Attachment A authorizes bond sales in an aggregate amount not to exceed $17,000,000 for the Housing Mortgage Finance Program (designated 2025 Series L), to be issued in one or more series and as tax‑exempt or federally taxable bonds as appropriate.
The Chief Executive Officer – Executive Director and/or the Chief Financial Officer were authorized to set sale dates in coordination with the State Treasurer’s Office, execute necessary documentation including Preliminary Official Statements and underwriting commitments, and award portions of the Bonds provided pricing conditions were met. The Board also authorized staff to negotiate and approve interest rate swap agreements and to amend or novate swap agreements when necessary in connection with the 2025 Series L bond sale.
U.S. Bank Trust Company, National Association was authorized to act as Paying Agent and, if required, as Tender Agent. The Board further required underwriting firms to submit updated statutory disclosures and certifications prior to participation and delegated signature and delivery authority for the Bonds to specified officers of the Authority.
These bond authorizations were part of the financing measures approved in connection with CHFA's mortgage financing activities at the meeting.
