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CHFA board extends FHLB credit facility, approves financing for three affordable‑housing projects
Summary
At its Feb. 19, 2026 meeting the Connecticut Housing Finance Authority extended authorization for its Federal Home Loan Bank of Boston credit facility through Feb. 28, 2029, and approved mortgage financing and bond actions to support 66 Union Street (New London), Quintard Manor (Stamford), and Yale Street Commons (Bridgeport). The board also approved routine consent items.
The Connecticut Housing Finance Authority Board on Feb. 19, 2026 voted to extend its authorization for a credit facility with the Federal Home Loan Bank of Boston and approved mortgage financing and related bond authorizations to support three affordable‑housing developments in New London, Stamford and Bridgeport.
The board adopted an amendment extending the authorization date in a prior resolution from Feb. 28, 2026 to Feb. 28, 2029 after the Chief Financial Officer presented the change; the motion was made by Sean Williams and seconded by Gregory Ugalde and passed unanimously.
Board members then approved financing for 66 Union Street in New London. Pasquale Guliano, Managing Director of Multifamily, summarized the Mortgage Committee recommendation and the board authorized a permanent loan of up to $3.9 million (interest not to exceed 7.22% per year) and an additional loan of up to $1.0 million, subject to CHFA closing conditions. The authority requires 50 years of affordability restrictions on the 46‑unit development, with 12 units at or below 30% of area median income (AMI), 19 units at or below 50% AMI and 5 units at or below 60% AMI. The board also authorized related bond and debt‑management actions (Housing Mortgage Finance Program Bonds, 2026 Series E) to fund the loan, including authorization to negotiate interest‑rate swap agreements if needed.
The board approved a construction‑to‑permanent loan for Quintard Manor in Stamford, a 60‑unit elderly development, authorizing up to $6,250,000 for the construction‑to‑permanent loan and an additional loan of up to $800,000. CHFA staff said the financing is conditioned on the mortgagor’s compliance with prior loan terms and other CHFA requirements. Attachment A to the resolution authorized issuance of Housing Mortgage Finance Program Bonds not to exceed $7,000,000 (2026 Series F) to support the program.
For Yale Street Commons in Bridgeport the board approved construction financing of approximately $6,000,000 and construction‑to‑permanent financing of approximately $4,150,000 (aggregate not to exceed $10,150,000). The authority requires 40 years of affordability covenants on the 44‑unit development, with unit set‑asides across 30%, 50%, 60% and 80% AMI levels as described in the resolution. The Yale Street Commons resolution passed by roll call; Vice Chair Catherine MacKinnon recorded an abstention.
The meeting also included presentation of the Housing Tax Credit Contribution (HTCC) Program rating and ranking results for the 2025 supplemental round and approval of the consent agenda, which included the 2026 Series A Single‑Family bond issue, financial reports, production and delinquency reports, the monthly tracking report and the Jan. 22, 2026 minutes.
All motions and formal votes recorded in the minutes were taken by roll call. The board adjourned at 10:28 a.m. The authority noted that CHFA staff are targeting an in‑person board meeting in May.
