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CHFA authorizes up to $5M in conditional bridge funding for Time To Own downpayment program
Summary
CHFA authorized its CEO to amend the memorandum of agreement and provide up to $5 million of conditional financial assistance from CHFA downpayment assistance funds to continue Time To Own loan commitments until State Bond Commission funding is approved.
The Connecticut Housing Finance Authority on Sept. 26 authorized conditional financial assistance of up to $5,000,000 to sustain commitments under the Time To Own downpayment assistance program while the Department of Housing seeks additional State Bond Commission funding.
Hazim Taib, CHFA’s chief financial officer, told directors that the board previously authorized CHFA to administer the Time To Own program under multiple State Bond Commission authorizations and that additional funds were requested from the Department. The resolution authorizes the CEO‑Executive Director to amend the Memorandum of Agreement with the Department of Housing to provide conditional assistance not to exceed $5 million from CHFA funds administered under the DAP Act (or other CHFA sources) so long as the program has not otherwise received at least $5 million in new funding beyond prior SBC authorizations.
The authority to commit and buy Time To Own loans is temporary and will lapse once the State Bond Commission approves additional Time To Own funding equal to or exceeding $5 million. The board adopted the resolution by unanimous roll call; the motion was made by Cindy Butts and seconded by Lisa Tepper Bates.
