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CHFA board adopts amended financing resolution for West Ridge affordable housing in New Haven
Summary
The Connecticut Housing Finance Authority board unanimously adopted an amended financing resolution for West Ridge, authorizing a tax credit reservation of up to $1,559,999 and mortgage financing with combined loan caps and specified interest‑rate limits; Attachment A was amended to increase a referenced amount from $14 million to $19 million.
The Connecticut Housing Finance Authority board on Oct. 31 unanimously adopted an amended resolution authorizing financing for West Ridge, a proposed 65‑unit low‑income housing development in New Haven.
The resolution authorizes CHFA to issue a tax credit reservation and allocate up to $1,559,999 in low‑income housing tax credits for the Development and to provide mortgage financing, including a construction loan of approximately $9,000,000 and a construction‑to‑permanent loan of approximately $8,000,000, provided the aggregate principal does not exceed $17,000,000. The construction loan interest rate is capped at 6.25% if the initial closing occurs on or before Dec. 31, 2024, and at 7.80% if the initial closing occurs on or after Jan. 1, 2025. The construction‑to‑permanent loan is capped at 7.25% and is structured with 24 months of interest‑only payments followed by amortization based on a 40‑year amortization schedule over 35 years, with conditions for prepayment or refinance and a 1% housing program maintenance fee in specified refinance scenarios.
The resolution also amends Attachment A of a prior resolution by replacing a referenced amount of $14,000,000 with $19,000,000. The text cites compliance with the Authority’s Qualified Allocation Plan and Section 42 of the Internal Revenue Code, and it references Section 1.150‑2(d)(1) of the U.S. Treasury Regulations for the financing structure.
The motion to adopt the amended resolution was made by Gregory Ugalde and seconded by Heidi DeWyngaert; the board voted by roll call and was unanimously in favor. The transcript records the board’s adoption and outlines the financing parameters; it does not record specific lender commitments or a project construction timeline.
The adopted measures allow CHFA to fund the authorized loans with taxable bond proceeds or other sources the Authority deems in its best interest. Next procedural steps (noted in the record) include implementation consistent with Authority requirements and any applicable program conditions.
