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November 29, 2022

CHEFA INSIGHTS for November 2022

We are the Connecticut Health & Educational Facilities Authority (CHEFA), and our vision is to enhance the welfare and prosperity of the citizens of the State of Connecticut by being leaders in public finance.

CHEFA invests in Connecticut nonprofits by helping them access low-cost debt capital from the tax-exempt public and private debt markets and provide equity capital in the form of grants.

Projects financed by CHEFA include facility acquisition and rehabilitation, equipment acquisition, and new construction for:

  • private colleges and universities
  • the Connecticut State University System
  • private independent primary and secondary schools
  • charter schools
  • long-term care facilities
  • hospitals
  • childcare providers
  • cultural institutions
  • other qualified nonprofits

These investments underpin a critical social service infrastructure system that cares for our health, educates us, cares for our children; and in many cases, provides human services that are not available from any other source.

CHEFA Expands Its Direct Lending Program to
Include All Nonprofits in the State

The Board of Directors at its September Board meeting approved to expand CHEFA’s Revolving Loan Fund Program to include all Connecticut nonprofits whose missions fall within designated sectors. Prior to the expansion, funding for capital projects was only available to current CHEFA clients. Funding is available up to $50,000 to eligible nonprofits for purposes of financing capital projects. CHEFA is accepting loan applications on a first come, first served basis.

For more information regarding the funding availability and Loan Application:

Successful Bond Pricing for the Hopkins School

On November 8, 2022, the Hopkins School successfully priced its $23.63 million, publicly rated, tax-exempt bond offering through CHEFA. Hopkins School, founded in 1660, is Connecticut’s oldest educational institution, serving day students in grades seven thru twelve and based in New Haven. Due to its strong “AA-” rating from Standard & Poor’s, investor reception was overall favorable. The couponing structure consisted of bonds containing 5.00% and 5.25% coupons in maturities ranging from 2022 to 2053.

CHEFA Proposes New Legislative Agenda for Low-
Income Community Tax Credits

CHEFA is proposing legislation to establish a Connecticut Low-Income Community Tax Credit Program, to create additional resources for nonprofits to address social and economic needs in Connecticut’s low-income communities. Based on our efforts to establish a Connecticut New Markets Tax Credit Program and the feedback received, we are proposing a more simplified program that creates tax credit equity for nonprofits to use to finance building projects or capacity building investments.

To learn more about this program and our other legislative proposals, contact Dan Giungi today!

Understanding the ESG Ecosystem and Its Impact
On Your Organization

Do you know that the SEC is requiring all publicly traded companies to disclose their climate emissions? As a result, many financial institutions will soon be required to collect data from their borrowers on their impact. Will this result in financial institutions avoiding dirty investments or organizations that fail to address their climate impact?

Join us on December 8th from 9:30 AM to 12:00 PM at the Hartford Foundation for Public Giving Conference Center in Hartford, CT, for our Client Conference regarding how climate risk and other ESG factors are being integrated into risk management.

We have invited speakers from Moody’s, Fidelity Investments, and Yale School of Management to discuss this topic and its impact of bond financing and other financing products. The panelists will also discuss other topics that impact an organizations sustainability and governance, including cyber security and employee relations.

To reserve your spot, register by December 5th!

2022 Connecticut Election Summary

While a handful of recounts are still pending, the results are unlikely to change the large majorities held by Democrats in the Senate and the House. Based on unofficial vote tallies, Democrats will likely maintain their 97-54 margin in the House and — at a minimum — their 23-13 margin in the Senate when the Legislature convenes on January 4, 2023. Apart from any changes resulting from pending recounts, 33 newly elected Senators and Representatives will begin to serve the first half of their two-year term when the legislature convenes, and 2 newly elected Constitutional Officers (Erik Russel-Treasurer, Stephanie Thomas-SOTS) will begin to serve their 4 year terms.

Connecticut Health & Educational Facilities Authority

Download the CHEFA Insights for November 2022