CHFA

• CHFA exists to alleviate the shortage of housing for low- and moderate-income individuals and families.

• The authority is a “body politic and corporate. ”

• The governor and legislative leaders appoint its 15-member board of directors.

• Board members must be experienced in all aspects of housing, including design, development, finance, state and municipal finance, and management.

• The governor appoints, and both houses confirm, the chairman.

• The chairman serves a five-year term.

1. In 2003, the Department of Economic and Community Development (DECD) transferred its housing portfolio to CHFA, and CHFA gave $ 85 million to the state in return. The portfolio consists of 16,390 units, including moderate-income rental, elderly, and congregate housing projects. What was the effect of the transfer on CHFA’s bond rating? What is its current bond rating?

2. How has the authority adapted to the management of the 16,390-unit portfolio?

3. DECD is the lead housing agency by statute, but CHFA appears to be taking on some responsibilities similar to DECD’s. Do CHFA and DECD provide the same services? How will the agencies work together in the future?

4. With housing prices remaining high as interest rates begin to rise, does CHFA foresee a problem for first time low- and moderate-income people in the state?

5. Did the Pilot Marketing, Education, and Counseling Program, which ended in 2004, increase awareness and usage of CHFA homebuyer programs among public housing tenants, volunteer firefighters, EMTs, nurses, and early child care providers? Is so, how?

6. CHFA sells federally tax-exempt bonds and uses the proceeds to provide low interest home mortgages. Explain how federal regulations and bond market forces affect CHFA’s ability to provide these mortgages to low- and moderate-income people?

7. What is CHFA’s ethics policy?

8. How is the redevelopment of state-moderate income rental housing in New Britain proceeding?

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