2022 ANNUAL REPORT

Home is Where Memories are Made

CONNECTICUT HOUSING FINANCE AUTHORITY

About Us

CHFA is a publicly accountable organization dedicated to increasing housing opportunities and affordability for the residents of Connecticut. Partnerships between public and private investors have enabled us to leverage our financial strength to lend more than $500 million annually for affordable housing.

Our Values

  • Devoted to Service

  • Energized by Collaboration

  • Committed to Opportunity

  • Grounded in Communication

  • Empowered by Ownership

  • Stewarding Resources

  • Driven by Community

  • Committed to Innovation

CHFA Mission

We fulfill our mission in two major ways:

1. Single-family homeownership mortgages with below-market interest rates to assist low-to-moderate income borrowers purchase their first home.

2. Financing opportunities for developers of affordable multifamily rental housing.

Since 1969, CHFA has impacted the lives of residents across all 169 towns by:

• Providing mortgages to more than 150,000 first-time homebuyers.

• Providing financing to developers to construct or rehabilitate more than 60,000 units of affordable housing.

CHFA Leadership

Ned Lamont
Governor
State of Connecticut

From the desk of Governor Ned Lamont:

As Governor of the State of Connecticut, I am proud to accept the 2022 Annual Report from the Connecticut Housing Finance Authority.

This past year was a year of diverse challenges as CHFA contended with the aftermath of a lingering pandemic.

In the face of this adversity, CHFA stood alongside a dedicated group of housing developers, lenders, and advocates and offered financial tools and support, providing opportunity and security for individuals and families across our state while meeting the most urgent housing needs of low- to moderate-income residents.

For over 50 years, CHFA has developed a positive reputation for creating and preserving affordable housing.

As we enter 2023, I fully support CHFA and its efforts to ensure that the state’s commitment to housing remains stable and secure while pursuing new strategies to keep our residents safely housed.

Letter from the Board Chairperson and the Executive Director:

We are pleased to present CHFA’s 2022 Annual Report, highlighting our continued commitment to affordable housing and community development. Throughout the year, we successfully invested in both single-family mortgages and affordable housing developments, empowering thousands of Connecticut households to achieve homeownership or access much-needed affordable rental housing throughout the state.

Through our partnership with the CT Department of Housing, CHFA launched groundbreaking programs like the Time To Own forgivable down payment assistance program that enabled 675 first-time homebuyers realize the American Dream of homeownership. We also launched MyHomeCT, a federally funded program dedicated to preventing foreclosure and supporting at-risk homeowners, ensuring housing stability during challenging times. As of December 31, 2022, 1,921 homeowners had received assistance under MyHomeCT. In order to promote these programs as far and as wide as possible, we met or exceeded all goals related to outreach to stakeholders and communities most affected by housing hardships.

Furthermore, our commitment to financial literacy and consumer education remained strong. Despite the challenges posed by the pandemic, we successfully conducted numerous homebuyer education workshops, both in-person and virtually, with over 4,000 residents benefiting from these sessions.

Operational enhancements in 2022 led to improved efficiency, resulting in faster turnaround times and increased productivity. For example, we exceeded our stretch goal of shortening the time it takes to close on multifamily loans (our stretch goal was 140 days; we achieved 139 days on average). We also exceeded our target goal for financing the rehab of multifamily units (our goal was 900 units; we financed 986 units). These improvements allowed us to fulfill our mission of creating sustainable and inclusive communities by providing affordable housing options to individuals and families. Operational enhancements also helped CHFA deliver 1,610 mortgages for first-time homebuyers, far exceeding our stretch goal of 1,500.

These accomplishments are a testament to our dedication to providing affordable housing options, empowering individuals, and families, and fostering sustainable communities throughout Connecticut. We are both immensely proud of the hard work of our staff and grateful for the partnerships that have contributed to this success. As we look ahead, we remain committed to our mission and excited about the opportunities to continue making a positive impact in the lives of those we serve.

Seila Mosquera-Bruno
Chair, CHFA Board of Directors
Commissioner, Department of Housing

Nandini Natarajan
CEO-Executive Director
CHFA

Board of Directors as of 12/31/2022

Governor’s Appointees, Board Position

Seila Mosquera-Bruno
Chairperson, Ex-Officio Director

Heidi DeWyngaert
Vice Chairperson

Lisa Tepper Bates
Director

Jerrold H. Abrahams
Director

Kiley A. Gosselin
Director

Timothy B. Hodges
Director

Franklin Edgar Perry II
Director

Catherine T. MacKinnon
Director

Senate/House Appointees, Board Position

President Pro-Tempore of the Senate:
Wendy Clarke
Director

Speaker of the House:
Cynthia Butts
Director

Minority Leader of the House:
Philip DeFronzo
Director

Minority Leader of the Senate:
Gregory F. Ugalde
Director

Ex Officio Members:

Vacant
Ex-Officio Director
Commissioner of Economic and Community Development

Alexandra Daum
Designee

Jeffrey Beckham
Ex-Officio Director
Secretary of the Office of Policy and Management

None
Designee

Jorge Perez
Ex-Officio Director
Banking Commissioner
Department of Banking

Matthew Smith
Designee

Erik Russell
Ex-Officio Director
State Treasurer

Sarah Sanders
Designee

Ribbon Cuttings + Ground Breakings

Each shovel of dirt and cutting of the ribbon represents a transformation. Drawings mature into apartments and empty windows have curtains. There’s no place like home. View ground breakings and ribbon cuttings attended by CHFA staff in 2022.

Single Family Homeownership

Real Life. Real Stories. Real CHFA customers.

Homeowner Mortgage Programs

Down Payment Assistance Programs

Mortgage Assistance Programs

Households Served Under CHFA Financial Literacy and Consumer Education Workshops

0
On-line Homebuyer Education
0
Foreclosure Prevention/Rental Workshops
0
Pre-Closing Homebuyer Education
0
Financial Fitness Education
0
Landlord Education
Workshops
0
Pre-Purchase Homebuyer Education

CHFA believes that quality homebuyer counseling and education are essential to successful homeownership.

Educational workshops help create a well-informed borrower that makes sound and informed financial decisions, allowing them to move confidently through the home-buying process.

In 2022, CHFA’s Board of Directors allocated $730,000 for pre-purchase counseling workshops.

The U.S. Department of Housing and Urban Development (HUD) awarded CHFA a $206,955 Comprehensive Housing Counseling Grant to support counseling service efforts.

Despite the residual effects of the pandemic, over 4,000 residents attended an educational workshop in 2022.

Multifamily Rental Housing

For over 50 years, developers and owners have turned to CHFA for our expertise and experience navigating multifamily deals. Partnerships have allowed us to finance more than 60,000 affordable housing units throughout Connecticut.

CHFA’s multifamily rental financing programs offer flexible and innovative parameters to maximize available resources and create affordable new or rehabilitated housing throughout the state.

Through partnerships with the Department of Housing (DOH) and other state and federal agencies, CHFA works to incentivize the use of various funding opportunities.

Many of the developments funded by CHFA include a combination of CHFA mortgage financing (proceeds of tax-exempt bonds and taxable bond issues) as well as private equity from 9 percent and 4 percent Federal Low-Income Housing Tax Credits (LIHTCs) and the State Housing Tax Credit Contributions (HTCC) program.

Riverfront, Torrington

Lawnhill Terrace, Stamford

Tax Credit Programs

The Low-Income Housing Tax Credit is the largest source of affordable housing financing. Developers use the credits as equity to leverage public, private, and other funds to develop affordable rental housing.
The LIHTC comprises two major credit types:
4 percent and 9 percent.
Both credits provide housing tied to affordability requirements; the four percent are awarded non-competitively, and the 9 percent are awarded through a competitive allocation process.
CHFA is the allocating agency for Connecticut’s Low-Income Housing Tax Credit (LIHTC) program.
Funding from Housing Tax Credit Contributions (HTCCs) awarded the development of 23 developments fostering 1,048 rental units.
Private businesses purchase the tax credits and apply them to their corporate tax and nonprofit developers use the funds to develop affordable housing in Connecticut.

Partnerships

CHFA is committed to supporting and strengthening neighborhoods by helping to integrate housing within community development efforts.
Development Engagement Process (DEP)
Interagency Council for Supportive Housing and Homelessness (ICSHH)
Capital Magnet Fund (CMF)
CHFA’s Small Multifamily CDFI Loan Pool

A Look Ahead to 2023

As we step into 2023, our primary goal remains to create and preserve affordable housing for residents across Connecticut. We will do this through a wide range of programs, services, and initiatives aimed at leveraging our resources and expertise with those of our committed partners and stakeholders. This year represents the final year of our three-year strategic plan, and will focus on strengthening engagement with the communities we serve and emphasizing financial innovation with an eye towards improved operational excellence.

Our vision for Connecticut is that all low-and moderate-income residents have a range of choices where they can live in affordable, safe, quality housing located in environmentally sustainable and economically healthy communities. This year, the introduction of new programs and services, and the optimization of existing ones, will drive our pursuit of this vision. Thanks to continued support from the Governor and the General Assembly, the Time To Own forgivable down payment loan program is expected to assist hundreds of first-time buyers realize their American Dream of homeownership. And for the many Connecticut homeowners experiencing a COVID-related housing hardship, MyHomeCT will continue to serve as a lifeline to maintaining housing stability. On the multifamily rental housing front, we will work to strengthen our commitment to creating and preserving housing affordability across the state with a strong emphasis on enhancing energy efficiency and sustainability.

Our efforts to enhance awareness of and access to CHFA’s programs and services will intensify through expanded marketing and outreach events. These events will help to create a platform for knowledge-sharing and education that will provide indispensable insights into the various paths that lead to first-time homeownership. Of special note is our focus on those communities where the demand for homeownership opportunities is particularly pronounced.

We express our deep appreciation to our dedicated staff and Board of Directors, and our supportive stakeholders, whose unwavering trust and collaboration continue to inspire and propel us forward.