The Connecticut Housing Finance Authority (CHFA) announced plans to offer up to $60.3 million in tax-exempt bonds to finance six affordable multifamily rental developments in the state.
The communities are Billings Forge in Hartford, Charles Street Apartments in Meriden, Frost Homestead in Waterbury, Laurelwood Apartments in Bridgeport, Old Talcott Mill in Vernon, and Trinity Park in Stamford, totaling 488 units.
“The proceeds from this bond sale will allow us to pursue much needed rehabilitation and redevelopment of some family and elderly housing, and the preservation and conversion of an abandoned mill into affordable housing,” said Hazim Taib, CHFA’s vice president of finance, in a statement. “As a quasi-public self-funded agency, CHFA’s tax-exempt bond program provides a vehicle to leverage equity from private and corporate investors thereby allowing us to do more in affordable housing and transforms people’s lives.”
Of the $60.3 million, about $30.2 million will be directly placed with Bank of America Merrill Lynch as the investor. The remaining $30.1 million will be publicly offered on Dec. 1, and the sale will be spearheaded by JPMorgan as the lead underwriter. The bonds are rated AAA and Aaa by Standard & Poor’s and Moody’s Investor Services respectively, which allows CHFA to achieve the lowest cost of funds.
Hawkins, Delafield & Wood; Kutak Rock; and Lewis & Munday are acting as co-bond counsel. Underwriters are represented by Tobin, Carberry, O’Malley, Riley & Selinger. Lamont Financial Services Corp. is serving as financial adviser to CHFA.