Public Meeting Notice  State Finance and Governance Board Meeting May 21, 2026

Notice of Public Meeting

In accordance with Section 20 of Chapter 20 of the Acts of 2021, as most recently extended by Chapter 2 of the Acts of 2025, this meeting will be conducted, and open to the public, via Zoom and Teleconference.

Passcode: 300969

Meeting ID: 945 2201 0427

Teleconference line: 1-646-931-3860

The meeting was called to order at approximately 2:00 p.m.

Board members comprising a quorum:

• Brent Andersen, Pilgrim Bay Insurance
• Kaitlyn Connors, Executive Office for Administration and Finance, Board Interim Chair
• John Durgin, Office of the State Treasurer
• Sue Perez, Office of the State Treasurer

Others in attendance:

• Paul Scola, Massachusetts Housing Finance Agency (MassHousing)
• Rebekah McGuire, Massachusetts Housing Finance Agency (MassHousing)

1. Administrative Matters

Ms. Connors called the meeting to order and conducted the roll call. On a motion made by Mr. Andersen and duly seconded by Mr. Durgin, the Board then voted unanimously to approve the January 8, 2026, meeting minutes. 

2. Discussion

No discussion matters scheduled.

3. Waiver Requests

No discussion matters scheduled.

4. Derivative Reviews

Massachusetts Housing Finance Agency (MassHousing)

Mr. Paul Scola, Senior Director of Capital Markets, presented MassHousing’s derivative review request.  He reported that on February 10, 2026 MassHousing’s Board of Directors authorized the agency to issue (i) Multifamily bonds and/or notes to finance up to $1.0 billion using a mix of fixed rate and/or hedged or unhedged variable rate debt; and (ii) Home Ownership bonds and/or notes to finance up to $800 million using a mix of fixed rate and/or hedged or unhedged variable rate debt.

Mr. Scola explained that the financing is intended to cover all MassHousing borrowings over the next year and is tied to the agency’s volume-cap transactions.  He noted that further details on the financing and strategy can be found in the Financial Advisor memo that was included as part of the package submitted to the Board for review. 

Ms. Connors then asked if any board members had questions. There were none.  On a motion made by Mr. Andersen and duly seconded by Ms. Perez,  the Board voted unanimously that the Board had received satisfactory information regarding the proposed Massachusetts Housing Finance Agency transactions involving new derivative financial products by MassHousing and deems the submission (i) consistent with the purpose and intent of Sections 97 and 98 of Chapter 6 of the Massachusetts General Laws and regulations promulgated thereunder and (ii) reviewed with no additional conclusions required. The Board concludes that the items required to be submitted to the Board pursuant to Chapter 6 and any regulations promulgated thereunder have been submitted in a manner consistent with the regulations.

5. Closed Transactions/Bond Sale Reviews:

Massachusetts Housing Finance Agency (MassHousing)

Ms. Rebekah McGuire, Finance and Bond Specialist, presented MassHousing’s bond transaction review and update.  Ms. McGuire reported that MassHousing has executed three variable rate transactions since it last came before the SFGB. 

The first transaction occurred on September 4, 2025, with MassHousing issuing $50,000,000 of Single Family Housing Revenue Bonds, Series 248 (Federally Taxable) (VRDB) (Social Bonds). These Bonds are hedged and enhanced by both an interest rate swap and a liquidity facility.

The second transaction occurred on September 11, 2025, when MassHousing issued $62,660,000 of Housing Bonds, 2025 Series A (Federally Taxable) (VRDB) (the “2025 Series A Bonds”). These Bonds are hedged and enhanced by both an interest rate swap and a liquidity facility.

The third transaction occurred on December 17, 2025, with MassHousing issuing $50,000,000 of its Single Family Housing Revenue Bonds, Series 251 (Federally Taxable) (VRDB) (Social Bonds) (the “Series 251Bonds”). These Bonds are hedged and enhanced by both an interest rate swap and a liquidity facility.

Ms. Connors then asked if any board members had any questions. There were none.

6. Discussion on Board Activities 

No matters scheduled.

7. Adjournment

On a motion made by Mr. Andersen and duly seconded by Mr. Durgin, Board members unanimously voted to adjourn the meeting at approximately 11:30 AM.

___________________________________________________

Kaitlyn Connors, Acting Chair

1. Administrative Matters
   • Adoption of meeting minutes from April 09, 2026 (Vote)
2. Discussion: No matters formally scheduled
3. Waiver Requests:
   • Massachusetts State College Building Authority (Vote)
   • Office of the State Treasurer and Receiver General (Vote)  
4. Derivative Reviews: 
   • Massachusetts Housing Partnership (Vote)
5. Closed Transactions/Bond Sale Review & Updates: 
   • Office of the State Treasurer and Receiver General (Vote)
6. Discussion on Board Activities: No matters formally scheduled
7. Adjournment