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CHFA approves loan maturity extensions and interest relief for Country Place I & II to preserve units in Colchester
Summary
The board adopted amendments that permit the CEO to extend maturities and suspend interest accrual on specified loans for Country Place I and II through March 1, 2026, as a measure to assist preservation and financial sustainability of the developments.
The Connecticut Housing Finance Authority on Sept. 26 adopted an amended resolution to modify the terms of existing loans for Country Place I and Country Place II in Colchester to help preserve the affordability and financial sustainability of the properties.
The resolution authorizes the CEO‑Executive Director to (i) modify the maturity date of the Additional CP I Loan to a date no later than March 1, 2026, and (ii) delete interest accrual for the Additional CP I Loan and for a portion of the First CP II Loan for the period Sept. 30, 2024 through March 1, 2026. The amendments are conditioned on the Mortgagor’s compliance with applicable law, CHFA Procedures and the terms described in a staff memorandum.
Pasquale Guliano summarized the Mortgage Committee recommendation. The board approved the amendment by roll call; the motion was made by Heidi DeWyngaert and seconded by Catherine MacKinnon. The resolution allows the CEO to take further modifications in the Authority’s best interest and requires closing of any modified financing by March 1, 2026, subject to extensions for good cause.
