CHFA board authorizes preparations for up to $375 million Series M bond sale

The Connecticut Housing Finance Authority (CHFA) Board on April 23 authorized the chief executive officer and chief financial officer to commence preparations for a negotiated 2026 Series M bond sale in an amount not to exceed $375,000,000 to support the Authority’s Housing Mortgage Finance Program. The motion, made by Jerrold Abrahams and seconded by Chelsea M. Ross, passed unanimously by roll call.

The Board resolution allows bonds to be issued as taxable and/or tax-exempt under federal law, directs coordination with the State Treasurer’s Office on timing, and authorizes officials to execute Preliminary Official Statements, underwriting commitments and Contracts of Purchase. The resolution also permits staff to negotiate interest-rate swap agreements and to make changes to swap agreements previously executed by the Authority if doing so is in CHFA’s best interest.

Hazim Taib, CHFA chief financial officer, presented the Finance/Audit Committee’s recommendation and outlined key authorizations in the Series M resolution, including conditions limiting awards to underwriters if comparable housing bond pricing yields significantly higher interest rates and requirements for book-running firms to update statutory and legal disclosures prior to participation.

The authorization includes typical closing mechanics — execution of bonds with authorized signatures and use of U.S. Bank Trust Company as paying agent if required — and a declaration of intent to reimburse interim expenditures with bond proceeds where appropriate. No sale date was set; staff will coordinate timing and underwriting details with the State Treasurer’s Office before moving to award and pricing.