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CHFA clears $17M financing for Vinci Gardens in Greenwich with affordability set-asides
Summary
The Authority approved a construction-to-permanent loan not to exceed $17,000,000 for Vinci Gardens (52 units) with interest capped at 6.37% and affordability restrictions requiring all 52 units to be set aside at or below 50% AMI; bond authority for Series Q was included in the meeting materials.
CHFA’s Board approved financing July 23 for Vinci Gardens, a proposed 52-unit development in Greenwich. The resolution authorizes a construction-to-permanent loan up to $17,000,000, with an interest cap of 6.37%, and contemplates a permanent period with principal and interest repayment over up to 40 years. The Authority listed closing conditions including independent appraisal, hazardous-waste testing (if applicable), funding commitments and compliance with the Qualified Allocation Plan and the Internal Revenue Code.
The resolution states that all 52 units will be set aside at or below 50% of area median income and authorizes the CEO to adjust terms if required. Attachment A in the meeting materials also authorized bond sale parameters tied to the Housing Mortgage Finance Program for Series Q (not to exceed $19,000,000) to support mortgage financing for projects such as Vinci Gardens.
