Karen Futoma

The meeting included reports on the deepening relationship with the Federal Home Loan Bank of Boston for affordable housing financing and updates on a full-scale redesign of the consolidated application for development funding. Resolutions were approved for the issuance of housing revenue bonds to support bridge financing for a multifamily portfolio, and for mortgage financing and loan modifications for several residential projects in Glastonbury, Avon, New Britain, and Farmington to preserve affordable housing units.

The Committee discussed and took action on several housing development and preservation projects. Agenda items included financing requests for a new mixed-income rental community in Glastonbury involving taxable bonds and an opportunity fund loan, approval for a 4% tax-exempt bond financing for an adaptive reuse project in Avon, and an extension request for an existing affordable housing property in New Britain to preserve its status and address debt obligations.

The Board of Directors discussed various topics, including the Chief Executive Officer's summary of staff activities regarding bond issues, communications with stakeholders, and the Long-Term Housing Recovery Task Force. Resolutions were adopted regarding mortgage financing for the 316 On the Park + Park Terrace II, Clover Gardens, and Enterprise and Abbot Tower Apartments developments. The Board also authorized the prepayment of a mortgage loan for Glenbrook Manor, and approved a public comment period for amendments to the Multifamily Rental Housing Program and Low-Income Housing Tax Credit Procedures, along with a public hearing for the 2020 Low-Income Housing Tax Credit Qualified Allocation Plan. Additionally, the Board tabled action on proposed Bylaws pending further discussion on conflict of interest best practices, reviewed various reports, and received an update on the COVID-19 Forbearance Program.

The board meeting included a public comment session addressing funding concerns and audits of Connecticut affordable housing projects. The agenda featured a performance update for 2025 and 2026 strategic goals, which highlighted achievements in home ownership loan volume, the relaunch of the mobile manufactured home program, and production successes in multi-family housing. The external auditor presented an overview of the 2025 audit plan, focusing on internal controls and compliance. Additionally, the board approved a resolution to carry forward unused 2025 private activity bond volume to support home ownership initiatives and reviewed a financing request for a residential development project in Berlin consisting of 70 elderly housing units.

The committee discussed the authorization for CHFA to issue up to 150 million in housing revenue bonds to support multifamily projects, noting the bridge loan structure and credit enhancements. Additionally, the committee reviewed financial reports, including revenue and expense performance relative to the budget, as well as production reports covering single-family loan purchases, down payment assistance, and multifamily portfolio metrics.