April 5, 2010
QUESTIONS FOR CONNECTICUT HOUSING FINANCE AUTHORITY CHAIRPERSON NOMINEE
By: Kristin Sullivan, Principal Analyst
CONNECTICUT HOUSING FINANCE AUTHORITY (CHFA) (CGS § 8-244)
● CHFA is a quasi-public agency responsible for expanding affordable housing opportunities for low- and moderate-income individuals and families.
● The governor and legislative leaders appoint its 15-member board of directors.
● Board members must generally 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 chairperson to a five-year term.
1. Like most of the country, Connecticut has experienced a rising number of foreclosures in recent years. How has the foreclosure crisis affected the demand for affordable housing in Connecticut? How has CHFA responded?
2. CHFA offers programs to assist homeowners at risk of foreclosure (e.g., Emergency Mortgage Assistance Program and foreclosure prevention counseling). What steps does the authority take to ensure that individuals and families most in need of these services are aware of and receive them? How successful are these programs?
3. One of the consequences of rising foreclosures is the drop in property values. Has CHFA's portfolio value dropped and, if so, how does this affect the authority's finances?
4. CHFA recently selected CAS Financial Advisory Services of Boston, Massachusetts to serve as a consultant for the Low-Income Housing Tax Credit Program. Why did CHFA hire an outside consultant for this program and what is its role?
5. At present, what are Connecticut's most critical housing needs and how is CHFA addressing them? Given current demographic trends, how will those needs change?
6. What effect do land use regulations have on housing prices and CHFA's ability to meet affordable housing needs?
7. What role does CHFA play in siting and designing multifamily housing? To what extent are CHFA-funding projects located in already developed areas near major roadways and mass transit?
8. CHFA has received millions of dollars in federal American Recovery and Reinvestment Act funds to provide affordable housing and create jobs in Connecticut. How has CHFA allocated these funds among different housing types to attain this goal?
9. Do the state's nonprofit housing developers have the technical and financial capacity to develop housing? What can CHFA do to boost that capacity?
10. Given the current fiscal climate, agencies are looking for ways to do more with less. What is CHFA doing to reduce costs and improve its services?
11. How does CHFA know if it is fulfilling its mission? What kinds of forces beyond CHFA's control prevent it from fulfilling its mission?