Project Information

Bid Title

CHFA 290-RFP For Swap and Derivative Valuation Services GASB Compliance

Issuing Agency

Connecticut Housing Finance Authority

Location

Connecticut

Published Date

Feb 6, 2026

Closing Date

Feb 23, 2026

Government Level

State & Local

Status

Closed

Original Source

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Bid Documents

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Project Description

RFP	Post Date	Due Date	Additional Documents
CHFA 290-RFP For Swap and Derivative Valuation Services GASB Compliance	01/14/26	02/23/26 12:00 p.m.	Questions and Answers

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REQUEST FOR PROPOSALS

FOR SWAP AND DERIVATIVE VALUATION SERVICES

GASB COMPLIANCE

January 14, 2026

I. Background

The Connecticut Housing Finance Authority (the “Authority” or “CHFA”) a body politic and

corporate constituting a public instrumentality and political subdivision of the State of

Connecticut, was created in 1969 and operates pursuant to Chapter 134 of the Connecticut General

Statutes, as amended. CHFA’s purpose is to help alleviate the shortage of affordable housing for

low- and moderate-income families and persons in Connecticut by providing both single-family

mortgages, financing for rental housing, and mortgages for the purchase, development, and

construction of housing.

For additional information about CHFA, please refer to CHFA’s website at: www.chfa.org.

CHFA will not reimburse for any expenses incurred in connection with this Request for Proposals

(“RFP”) including, but not limited to, the cost of preparing the initial response and any additional

information requested or travel expenses relating to an oral presentation. Please be advised that

responses will be considered property of CHFA, are matters of public record, and may be disclosed

by CHFA after the awarding of the contract.

II. Proposed Scope of Services (the “Services”)

The Authority is requesting proposals (“Proposals”) from qualified firms (the “Firms”) who are

interested in becoming a provider (the “Provider”) of valuation services in connection with existing

and outstanding derivative instruments, including swaps held by the Authority for purposes of

complying with the Authority’s reporting requirements.

The duties of the Provider shall include, but not be limited to:

1. Produce monthly derivative valuation report. The information must include or

satisfy:

a. Mark-to-market value

b. Fair value

c. Option value

d. Accrued interest

e. Other relevant data

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2. Produce annually derivative valuation reports. The information must include or

satisfy:

a. Information referenced under II. 1. above, as applicable.

b. Measurement and effectiveness based on Governmental Accounting

Standards Board (“GASB”) or other industry standards as required or

applicable including, but not limited to:

i. GASB 53

ii. GASB 72

3. Produce and maintain the swap exposure table (the “Swap Table”) for the

Authority’s bond Official Statements.

4. Notify the Authority of any rating changes relating to the derivative

counterparties.

5. Maintain a client portal to access daily valuations and payment projections

online.

The proposed engagement will be for a period no longer than three years, and it is expected to begin

July 1, 2026.

Since its inception, the Authority has issued over $24 billion of tax exempt and taxable bonds of

which proceeds from the bonds were used to purchase single-family loans and make multifamily

loans. Over the next three years, the Authority expects to issue $1.5 billion to $3 billion of Housing

Mortgage Finance Program Bonds, a portion of which will be variable rate bonds. As of December

31, 2025, the Authority has 42 swaps with notional outstanding of approximately $974 million.

None of the Authority’s swaps qualifies under the Consistent Critical Terms (the “CCT”) method.

For more information about the Authority, including its outstanding derivative instruments and

recent audited financial statements, please visit www.chfa.org or www.emma.msrb.org.

III. Evaluation Criteria

Firms will be considered on the basis of their written response to this RFP, additional written

information as requested by CHFA and oral interviews, if any, including but not limited toto the

following criteria:

1. Reputation and experience of the Firm

2. Responsiveness to CHFA’s needs

3. Experience with the State Housing Finance Agencies (the “HFAs”)

4. Experience with GASB reporting compliance

5. Competitiveness of proposed cost

6. Software capabilities to provide the requested Services

7. Financial capability to provide the requested Services and overall

financial stability

8. Commitment to Connecticut

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IV. Requested Information

Each respondent to the RFP must provide the following information:

1. A brief description of your Firm in providing the Services as described in thisRFP.

2. Indicate the total number of staff in your Firm and the number of staff that you expect to

assign to this engagement. Please list those people with their résumés. What are their other

responsibilities?

3. Describe your Firm's experience with HFAs. Which HFAs (or other similarly sized clients)

do you represent and provide similar Services? Provide three (3) references with names,

phone numbers and email addresses. Please also include any other State of Connecticut

agencies or departments that have engaged your firm to perform similar Services.

4. Describe the Services, including the methodology behind it, you will be providing to the

Authority. List, in order, what you think are the four most important functions you would

perform for the Authority.

5. Describe any services your Firm performs for other Connecticut clients or any other

connections or commitments that it has in Connecticut.

6. What is the most important question that we haven't asked you? Why should the Authority

hire you instead of some other firm?

7. Describe any and all material lawsuits, legal or administrative proceedings or governmental

investigations, criminal actions or law enforcement activities (including those by federal,

state or local authorities, or self-regulatory organizations) or non-routine SEC, MSRB, or

other regulatory bodies’ inquiries or investigations relating to your Firm, including any

proceedings to which your Firm or any of their respective officers, directors or employees

is a named party or of which any of such has been the focus, that have occurred in the last

three (3) years or that are currently threatened, including whether your Firm, or their

respective officers, directors or employees have been censured by any regulatory body.

Please summarize any reporting that your Firm has made to the SEC, MSRB or any

regulatory bodies over the past three years in connection with your public finance activities.

8. Describe whether you foresee any potential conflicts of interest arising from an

engagement with the Authority for the Services. If so, please describe how your Firm

would address potential conflicts of interest.

9. Has your Firm ever been removed from an account prior to the expiration of its contract

(i.e., been fired)? If so, please explain. If you wish, list the name of a third party with whom

the Authority could discuss this termination.

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10. Provide a fixed or flat rate fee based upon the Services as described in this RFP and

assumptions set forth in (a) and (b) below. If your Firm would like to suggest an alternative

fee structure such as hourly rates, please provide the hourly rates of the individuals assigned

to the engagement. Provide the estimated hours for each Service to allow the Authority to

compute the cost of the applicable services. Indicate whether there is a cap or not-to-exceed

fee for each Service. If a breakdown is necessary to reflect different Services, please

provide such information. Additionally, provide hourly fees charged for other analysis and

ad hoc analysis.

a) Assume the Authority procures between 3 and 4 new non CCT swaps each year.

b) Assume the Authority requires at least one (December 31) measurement and

effectiveness tests pursuant to GASB.

11. Furnish evidence of the Firm’s financial stability.

12. Furnish evidence of the Firm’s most recent penetration test or other related assessments

on its server to ensure data integrity and security.

13. Furnish evidence the Firm and its employees related to this engagement are registered with

the applicable regulatory bodies and are in compliance as required by securities law or

regulation, if applicable.

14. Provide evidence that your Firm is registered with the Connecticut Secretary of State’s

Office. If your Firm currently is not registered with the Connecticut Secretary of State,

please indicate whether your firm will register if your Firm is awarded this contract.

15. Describe your presence in Connecticut, if any. Also include any participation by your Firm

in any civic or other non-profit activities, including any contributions that your firm made.

16. Selected persons or firms must comply with CHFA and State Ethics requirements, laws,

and regulations. Persons or firms seeking to do business with CHFA are required to

comply with the ethics statement, attached hereto on Exhibit C, and the applicable

provisions of the Code of Ethics and Code of Ethics for Lobbyists incorporated therein by

reference.

17. An authorized signatory of any firm submitting Proposals is required to execute and submit

with the Proposals and with any agreement or contract awarded in accordance herewith all

applicable representations and certifications set forth on Exhibit A, attached hereto and

made a part hereof, regarding:

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• Gift and Campaign Contributions; Connecticut General Statutes §4-252

• Entities Making Investments in Iran; Connecticut General Statutes §4-252a

• Nondiscrimination; Connecticut General Statutes §4a-60 & Connecticut General

Statutes §4a-60a

• Consulting Agreements; Connecticut General Statutes §4a-81

• Campaign Financing Contributions; Connecticut General Statutes §9-612

V. Freedom Of Information Act

Please be advised that all information submitted in a proposal or in response to a request for additional

information is subject to disclosure under the Connecticut Freedom of Information Act, as amended and

judicially interpreted. If a firm believes that its response contains financial, trade secrets or other data that

it claims should not be public (“Confidential Information”), the firm must identify specifically the pages

and portions of its proposal or additional information that contain the claimed Confidential Information by

visibly marking all such pages and portions. An entire response marked Confidential Information will not

be accepted. If CHFA receives a request for an applicant’s Confidential Information, it will use its best

efforts to notify the firm of such request and provide the applicant with a copy of any written disclosure

request, provided, CHFA will not be liable to the firm or any other party for any failure to act as described

herein. The firm may provide written consent to the disclosure or may object to the disclosure by notifying

CHFA in writing, identifying in the notice the basis for its objection, including the appropriate statutory

exemption(s) from disclosure. The firm shall be responsible for defending any complaint brought in

connection with the nondisclosure, including, but not limited to, appearing before the Freedom of

Information Commission, providing witnesses and documents as appropriate, and for payment of CHFA’s

costs and expenses, including attorney fees.

VI. Submission Deadline

Responses to this RFP must be received by the Authority no later than 12:00 noon, February 23,

2026.

VII. Submission Requirements

1. Please limit your response to 20 pages, exclusive of a cover letter and exhibits.

Submissions must be sent electronically (not to exceed 25 MB) to RFP.RFQ@chfa.org

no later than 12:00 p.m. on Monday, February 23, 2026.

2. Proposals received after the Submission Deadline date and time may result in CHFA’s

rejecting the Proposal.

3. Proposals must include a cover letter signed by an individual authorized to enter into a

contract with the CHFA on behalf of the organization, acknowledging that the Firm agrees

to be bound by all terms and conditions of the RFP and affirming that all information

contained in the Proposal is true and accurately portrays all aspects of the services to be

provided. Do not forget to include completed Exhibit A (Representations and

Certification), and Exhibit B (OPM Form 1, SEEC Form 10, and Section 3-13j).

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Commodity Codes

• NAICS 541611Administrative Management and General Management Consulting Services
• NAICS 541990All Other Professional, Scientific, and Technical Services

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