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Texas Housing and Community Affairs plans $59.62 million bond sale
By Sheri Kasprzak
New York, Jan. 31 - The Texas Department of Housing and Community Affairs is expected to sell $59.62 million of series 2011A non-AMT residential mortgage revenue bonds, said a preliminary official statement.
The bonds will be sold on a negotiated basis with Morgan Keegan & Co. Inc. and J.P. Morgan Securities LLC as the senior managers. The co-managers are George K. Baum & Co., Morgan Stanley & Co. Inc., Fidelity Capital Markets, FirstSouthwest Co. and Piper Jaffray & Co.
The bonds are due 2012 to 2022 with term bonds due 2024, 2026 and 2029.
Proceeds will be used to fund mortgage loans.
Additionally, the department intends to convert $89.43 million of series 2009C-1 non-AMT residential mortgage revenue bonds on May 10 to a permanent rate from a short-term rate. Those bonds are due Jan. 1, 2042.
Based in Austin, Texas, the department provides mortgage loans and other services to low- to moderate-income Texans.
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