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CHFA committee recommends Board prepare up to $500M Series J bond sale to fund first‑time homebuyer loans
Summary
The CHFA Finance/Audit Committee on July 25 recommended that the Board begin preparations for a 2024 Series J bond sale of up to $500 million to raise lending proceeds for roughly 2,000 first‑time homebuyer loans; the committee voted unanimously to forward the recommendation.
The Connecticut Housing Finance Authority Finance/Audit Committee voted July 25 to recommend that the Board of Directors prepare the Authority’s 2024 Series J bond sale, authorizing up to $500,000,000 in Housing Mortgage Finance Program bonds to raise lending proceeds for the second half of 2024.
Hazim Taib, CHFA chief financial officer, presented the resolution, saying the Authority expects the issuance to support about 2,000 first‑time homebuyer loans. Taib told the committee that, given current interest‑rate conditions, CHFA plans to structure the sale as primarily fixed‑rate financings and may supplement the issuance with taxable bonds.
Upon Taib’s presentation, Jerry Abrahams moved and Franklin Perry II seconded a motion recommending the resolution to the Board of Directors. The Finance/Audit Committee voted unanimously to forward the recommendation. Sarah Sanders, deputy treasurer and committee chair, presided over the roll call that confirmed a quorum and recorded the committee’s unanimous vote.
The committee’s vote is a committee recommendation; the Board of Directors will decide whether to proceed with final bond authorizations and specific issuance terms. Taib said the Authority expects to close the first issuance as early as September, subject to market conditions and Board approval.
Actions at the committee were limited to the recommendation; no Board authorization or pricing was finalized at the meeting.
