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January 11, 2024

2023 Review: A Message from our Executive Director

A Message from our Executive Director:

As we begin the new year, I am filled with gratitude and pride as I reflect on CHEFA’s meaningful accomplishments in 2023. Our commitment to enhancing the welfare and prosperity of the citizens of the State of Connecticut by providing financial assistance to the state’s non-profit entities has driven our efforts and initiatives throughout the year.

As Executive Director, I am happy to share some of our impactful achievements.

CHEFA provided access to more than $318 million in critical tax-exempt bond financing for healthcare and educational entities throughout Connecticut. Of this total, $112.385 million was for financings in the health care sector $146.997 million for the independent school sector, and $58.96 million for the higher education sector. Importantly, CHEFA experienced a historic first with the completion of a $14 million transaction on behalf of the American School for the Deaf (ASD). ASD is the oldest permanent school for the deaf in the United States and the first school for children with disabilities in the western hemisphere. These bond proceeds are being used to support the construction of two single-floor dormitories with a total of 60 beds and two multi-purpose sports courts. This project represents a significant effort to enhance access to education for Connecticut residents and CHEFA is proud to be a part of it.

As one of the few entities providing grant funding to nonprofits for capital and programmatic needs on a statewide basis, CHEFA continued to support these organizations by awarding more than $3 million in grants in the healthcare, childcare, educational, and cultural sectors throughout Connecticut. Included in this funding was $1 million dedicated to Health Equity with grants to six organizations focused on this important area.

During the 2023 legislative session CHEFA continued to build meaningful working relationships with stakeholders and establish itself as a reliable partner in the State’s economic, workforce, and community development efforts. This was evidenced by the introduction of 25 bills that would have directly impacted CHEFA or its subsidiaries. In total, CHEFA saw related legislation introduced from 6 different committees including Higher Education; Finance, Revenue, and Bonding; Banking; Government Administration and Elections; Human Services; and Aging. Importantly, CHEFA won the passage of SB 1104 (PA 23-11). This will provide CHEFA the flexibility needed to meet the changing needs of our clients and other 501(c)(3) organizations by giving CHEFA the ability to provide loan or bond financing for programs, services, and other mission-focused initiatives.

As we step into 2024, the horizon is bright with opportunities for growth and impact. CHEFA remains steadfast in its dedication to supporting educational institutions, healthcare providers, childcare providers, and other eligible not-for-profit entities. Together, we will continue to focus on assisting non-profits, making a lasting difference in the lives of the citizens of Connecticut.

Warm regards,

Jeanette W. Weldon
Executive Director
Connecticut Health and Educational Facilities Authority (CHEFA)