Management Innovation: Financial

Connecticut Housing Finance Authority:
CHFA (CT) Creating an Opportunity Fund for Multifamily Housing

A dramatic change in thinking is required when innovating the way an organization is managed. CHFA managed gap financing to affordable housing proposals by tapping its Investment Trust Account or finding other state funding. Challenging CHFA to do more, our CEO commissioned a Strategic Capital Analysis to examine CHFA’s financial structure. The conclusion was that by creating an Opportunity Fund with more flexible gap financing, CHFA would have a greater impact on affordable housing in CT.

Illinois Housing Development Authority:
IHDA Direct Purchase Bond Program

HFAs must manage their financial exposure, particularly with acquisition and construction lending. Putting capital to work building and rehabilitating affordable housing and judicious financial management is a delicate balancing act. To address this challenge, the Illinois Housing Development Authority (“IHDA” or “Authority”) and its banking partners created an innovate product to better manage construction lending exposure—the IHDA Direct Purchase Bond Program.

Masshousing:
COVID-19 EMMA Filings

To advise the bond market on the effects of the pandemic on its operations, MassHousing developed a voluntary monthly EMMA filing which reports arrearages, defaults and forbearance requests. This filing includes detailed information for Homeownership and Rental Bond programs, including Mortgage Insurance claims and fund balances. This new filing format was well received by the rating agencies and replicated by other HFAs.

Wisconsin Housing and Economic Development Authority:
WHEDA Expands Equity Through Procurement Success

WHEDA is working on multiple fronts to cultivate an ecosystem that increases equity in housing and economic opportunity. To expand opportunity, WHEDA must leverage the collective strengths of its people, partners and programs to create new approaches that drive systemic change. One of WHEDA's collaborative and innovative efforts to cultivate an ecosystem of opportunity includes expanding its supplier diversity goals to increase the use of minority-, women-, and veteran-owned businesses.