Texas Department of Housing and Community Affairs to price $88.02 million of revenue bonds

By Sheri Kasprzak

New York, Aug. 22 - The Texas Department of Housing and Community Affairs is set to price $88.02 million of series 2011B non-AMT residential mortgage revenue bonds, according to a preliminary official statement.

The bonds (Aaa/AA+) will be sold on a negotiated basis with Morgan Stanley & Co. Inc. and Morgan Keegan & Co. Inc. as the senior managers. The co-managers are George K. Baum & Co., J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Citigroup Global Markets Inc. and Ramirez & Co. Inc.

The bonds are due 2012 to 2022 with term bonds due in 2026, 2030 and 2034.

Proceeds will be used to provide funds for the purchase of mortgage-backed, pass-through certificates backed by qualifying FHA-insured or VA- or RDA-guaranteed mortgage loans or conventional mortgage loans made to eligible borrowers for single-family housing in the state of Texas.

In addition to the new offering, the department plans to convert $60 million of series 2009C-2 residential mortgage revenue bonds to a permanent rate from a short-term rate. The bonds, which are due July 1, 2041, will be converted on Nov. 29.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.