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CHFA approves up to $5 million for Habitat for Humanity loan purchases
Summary
The CHFA Board authorized an additional commitment of up to $5,000,000 to its Habitat for Humanity Loan Purchase Program to help Habitat leverage resources for zero-interest mortgages and affordable homeownership.
The Connecticut Housing Finance Authority Board on April 23 authorized the chief executive officer to commit up to $5,000,000 to the Habitat for Humanity Loan Purchase Program. The motion, moved by Gregory Ugalde and seconded by Sean Williams, passed unanimously by roll call.
The resolution continues CHFA’s practice of purchasing mortgages originated by Habitat for Humanity at an agreed-upon discount so Habitat can recycle capital and provide zero-percent-interest mortgage assistance to qualifying homeowners. The board cited prior authorizations of the program (March 19, 2009; March 25, 2021; June 26, 2025) and the attached memorandum from CFO Hazim Taib that described the recommended additional investment and program administration updates.
The resolution authorizes funding the commitment from Investment Trust Account proceeds or other sources and allows the CEO to modify terms or take additional actions deemed in the Authority’s best interest to effectuate the program expansion.
