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CHFA board authorizes up to $4.5M in revolving credit for Habitat for Humanity program
Summary
The Connecticut Housing Finance Authority approved a resolution to provide Habitat for Humanity with revolving lines of credit to support land acquisition, predevelopment, construction and rehabilitation, committing up to $4.5 million from the Authority’s Investment Trust Account.
The Connecticut Housing Finance Authority voted unanimously July 23 to authorize revolving lines of credit for the Habitat for Humanity Affordable Homeownership Development Program. The resolution empowers the Chief Executive Officer – Executive Director to commit up to $4,500,000 to the program, reserved from the Authority’s Investment Trust Account.
CHFA said the lines of credit are intended to facilitate land and property acquisition, predevelopment and construction costs, and acquisition and rehabilitation of existing homeownership units for sale or transfer to eligible low- and moderate-income households. The authorization also permits the CEO to modify or supplement program terms and take actions consistent with the associated memorandum from the Chief Financial Officer.
