CHEFA proactively pursued and achieved the passage of Senate Bill 1104, a significant achievement that expands their authority to finance essential programs and services for Connecticut nonprofits. This proactive step reflects CHEFA's commitment to supporting the success of qualified nonprofits, ensuring they have the necessary resources to thrive and make a positive impact in the community. Governor Ned Lamont signed SB 1104 into law on June 7, 2023, solidifying this important advancement for the nonprofit sector.Read More
Please give a warm welcome to our new Managing Director of Finance and Operations, Mr. Charles A. Bodie!Read More
Connecticut's efforts to eliminate healthcare disparities received a major commitment of $1 million by CHEFA with grant awards supporting initiatves to increase mental health services for children, access to care for marginalized communities and long-term care interventions.Read More
Recent Bond Closings
American School for the Deaf (“ASD”), Series A$14,000,000
The American School for the Deaf recently secured a $14 million financing, its first transaction with the Authority. ASD is a residential and day school in West Hartford, Connecticut, catering to students who are deaf, hard-of-hearing, and have unique communication needs. To utilize the funds, the school plans to construct two single-floor dormitories with 60 beds and two multi-purpose sports courts, costing an estimated $13.63 million. Construction is set to start in summer 2023, finishing in fall 2024. M&T Bank purchased the transaction as drawdown bonds with a variable rate, maturing on May 1, 2053. Pullman and Comley served as Bond Counsel for the Authority.
Connecticut Children’s Medical Center (“CCMC”), Series E$112,385,000
Connecticut Children’s Medical Hospital recently closed a successful $112.385 million public bond offering with the Authority. The proceeds from the bond offering will be used to finance the construction of a new building expansion project. This includes an eight-story tower, housing NICU services, gene therapy units, surgical facilities, and a pharmacy. The project also involves renovating a section of the existing hospital. CCMC expects construction to be substantially completed by July 2025. The fixed-rate transaction had a final maturity of July 15, 2053, and a 10-year call date. Goldman Sachs and Loop Capital served as underwriters, while Pullman and Comley acted as Bond Counsel for the Authority.
CHEFA Community Development Corporation
CHEFA Community Development Corporation’s (“CHEFA CDC” or the “Corporation”) mission is to provide financial assistance by serving and/or providing investment capital to qualified nonprofit organizations in low-income communities located in the State of Connecticut. Learn More
CHEFA’s Student Loan Subsidiary
The Connecticut Higher Education Supplemental Loan Authority (CHESLA) is a quasi-public state authority created to help students and their families finance the cost of higher education. Visit CHESLA.org