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CHFA approves up to $34.8M loan to preserve and rehabilitate Shippan Place Apartments in Stamford
Summary
The board authorized a CHFA permanent loan commitment of up to $34.8 million for the acquisition and rehabilitation of Shippan Place (148 units), subject to HUD approval, affordability set‑asides for 40 years and final construction and funding conditions.
The Connecticut Housing Finance Authority on Sept. 26 approved a mortgage financing commitment of up to $34,800,000 for Shippan Place Apartments, a 148‑unit development in Stamford, authorizing CHFA to fund the loan with tax‑exempt bond proceeds or other sources deemed in the Authority’s best interest.
Pasquale Guliano, Managing Director of Multifamily, summarized the Mortgage Committee recommendation. The resolution conditions CHFA’s commitment on several items including execution of affordability restrictions for 40 years (118 units set aside for elderly households at or below 60% of area median income and 30 units at or below 50% AMI), an independent appraisal and market acceptance analysis, required governmental approvals, hazardous materials testing and removal if applicable, final construction costs and plans, commitments for sources of funds that balance uses and a tenant relocation plan.
The resolution authorizes bond sales in coordination with the State Treasurer and delegates to the CEO or CFO authority to execute Official Statements, underwriting commitments and purchase contracts for the 2024 Series N bond issuance (aggregate bond sales not to exceed $38.5 million as described in Attachment A). The board approved the resolution by roll call vote; the motion was made by Lisa Tepper Bates and seconded by Heidi DeWyngaert.
The financing includes borrower prepayment provisions and limits on permitted interest rates for CHFA loans (not to exceed 6.35% per annum for the permanent loan), and the loan must close by June 30, 2025 unless extended for good cause. HUD approval of the ownership transfer and issuance of a new Section 8 Housing Assistance Payments contract also is a closing condition.
