Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Housing topic
No spam. Unsubscribe anytime.
CHFA Mortgage Committee advances $34.8M Shippan Place loan and other housing financing, approves procedure updates
Summary
The CHFA Mortgage Committee on Sept. 24, 2024 recommended Board consideration of a $34.8 million permanent mortgage for Shippan Place Apartments, supported financing for The Elle at North Main and amended loan terms for Country Place I & II, and authorized public comment periods on procedure changes affecting single-family and multifamily programs.
The Mortgage Committee of the Connecticut Housing Finance Authority voted on Sept. 24, 2024 to recommend several financing resolutions and procedural updates to the CHFA Board of Directors, including a tax-exempt bond–backed permanent mortgage of up to $34,800,000 for Shippan Place Apartments in Stamford.
Elizabeth Valigorsky, Senior Loan Workout Officer, presented the Shippan Place financing request and the committee, on a motion by Gregory Ugalde seconded by Wendy Clarke, voted by roll call unanimously to recommend the resolution to the Board.
Deborah Alter, Senior Program Officer – Program Administration, presented a separate financing package for The Elle at North Main in West Hartford. The resolution authorizes taxable bond proceeds and Opportunity Fund proceeds in an aggregate principal amount not to exceed $14,600,000, consisting of a construction loan of approximately $7,100,000, a construction-to-permanent loan of approximately $6,500,000, and up to $1,000,000 from the Opportunity Fund. The committee moved and voted unanimously to recommend that financing to the Board.
Valigorsky next presented an amended resolution for Country Place I and Country Place II in Colchester that would extend the maturity date of a deferred loan and suspend interest accruals for both properties. The committee, on a motion by Ugalde seconded by Seila Mosquera‑Bruno, voted unanimously to recommend the amended resolution.
Lisa Hensley, Managing Director of Homeownership Programs, summarized proposed amendments to CHFA’s Single Family Housing Procedures and presented a resolution to authorize a public comment period and adopt the Procedures if no comments are received. The proposed revisions include language reflecting recent statutory amendments, additional wording to allow mortgage‑backed security financing, creation of a general homeownership program that may use sources other than tax‑exempt bonds, and added language regarding housing counseling and education services. The committee voted to recommend the resolution.
Pasquale Guliano, Managing Director of Multifamily, presented adopted amendments to the Multifamily Program Procedures (previously published) and a resolution to authorize a public comment period for additional proposed amendments. The committee voted to recommend that resolution, with Wendy Clarke recorded as abstaining.
Guliano also presented a resolution regarding a Small or Emergency Loan Program; the committee voted unanimously to recommend it to the Board.
The committee approved the July 23, 2024 Mortgage Committee minutes (motion by Gregory Ugalde, seconded by Heidi DeWyngaert); Wendy Clarke abstained from that vote. Colette Slover, HTCC Program Manager, then summarized the 2024 Housing Tax Credit Contribution (HTCC) Program rating and ranking results, including funding allocation, application evaluations and approved awardees; the minutes do not specify award amounts or awardee names.
All recommended resolutions will be forwarded to the CHFA Board of Directors for consideration. The meeting, chaired by Heidi DeWyngaert, adjourned by unanimous consent at 2:00 p.m.
