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CHFA committee recommends $19 million financing package for Cheshire Highland
Summary
The Mortgage Committee unanimously recommended that the CHFA Board consider a construction-to-permanent financing package for Cheshire Highland including up to $18,000,000 in taxable bond proceeds and an additional mortgage of up to $1,000,000 from the Opportunity Fund.
The Connecticut Housing Finance Authority Mortgage Committee on July 23 recommended that the Board consider financing for Cheshire Highland in Cheshire. Tre’Von Perry, CHFA Underwriter I, presented a resolution seeking taxable bond proceeds for a construction-to-permanent first mortgage loan of up to $18,000,000 and a construction-to-permanent additional mortgage of up to $1,000,000 from the Opportunity Fund.
The motion to recommend the financing was made by Lisa Tepper Bates and seconded by Gregory Ugalde; the committee voted by roll call and was unanimously in favor of forwarding the resolution to the Board of Directors for consideration. As with similar actions, this is a committee recommendation and final approval of bond issuance and loan documents is reserved for the Board.
CHFA staff noted the financing structure pairs taxable bond proceeds with Opportunity Fund support to assist development feasibility. The committee did not record further public comment or dissent.
Next steps: Staff will prepare the Board packet for final consideration.
