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CHFA authorizes up to $9.48M construction-to-permanent loan for Strong School Redevelopment in New Haven
Summary
The Authority approved a construction-to-permanent loan not to exceed $9,475,000 (interest not to exceed 6.35%) plus an additional loan option up to $1,000,000 for the 59-unit Strong School Redevelopment; 12 units will be reserved at or below 50% AMI and 47 at or below 80% AMI.
The Connecticut Housing Finance Authority on July 23 authorized mortgage financing for Strong School Redevelopment, a proposed 59-unit development in New Haven. The resolution permits a construction-to-permanent loan in an amount not to exceed $9,475,000, with interest not to exceed 6.35%, followed by a permanent period with an approximate permanent loan balance of $2,450,000 and 40-year amortization terms described in the memorandum.
The Authority also authorized an additional loan of up to $1,000,000 with repayment provisions tied to adjusted cash flow and other subordinate financing priorities. The financing is conditioned on affordability covenants (12 units at or below 50% AMI; 47 units at or below 80% AMI), independent appraisal and market acceptance analysis, required approvals, and funding source commitments. The resolution delegates authority to the CEO to finalize terms and closing conditions.
