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CHFA approves $2.4M permanent loan and tax-credit conditions for West Hartford Fellowship redevelopment
Summary
The board authorized a permanent loan of up to $2,400,000 for the 77-unit West Hartford Fellowship Housing Redevelopment Phase III, confirmed prior LIHTC reservation up to $2,170,000, and required affordability, appraisal, approvals and other closing conditions.
The Connecticut Housing Finance Authority on July 23 approved a permanent mortgage loan of up to $2,400,000 for West Hartford Fellowship Housing Redevelopment Phase III, a proposed 77-unit development. The resolution references a prior conditional tax-credit reservation of up to $2,170,000 and sets affordability restrictions for 97 years with unit set-asides described in the resolution (16 units for households above 30% and at or below 50% AMI; 61 units at or below 80% AMI).
The financing will be funded subject to availability of necessary sources and compliance with the Authority’s Qualified Allocation Plan and the Internal Revenue Code. The CEO was authorized to modify or supplement terms and to extend closing deadlines for good cause; failure to close by April 30, 2027 renders the resolution void absent extension.
