By Chris Wack
The State of New York Mortgage Agency plans to sell $139 million of homeowner mortgage revenue bonds, with proceeds slated for affordable homeownership and mortgage insurance.
The $39 million in Series 268 bonds will be federally taxable, and will be sold alongside $79.5 million in Series 266 non-AMT and $20.5 million in Series 267 AMT bonds, according to a document posted Tuesday on MuniOS.
The Series 266 serial bonds will mature from 2035 through 2037 with four tranches of term bonds maturing from 2040 to 2052. The Series 267 bonds will mature from 2025 through 2034, and the Series 268 serial bonds will mature from 2035 through 2037, with three term bonds maturing in 2040, 2045 and 2055.
Interest payments will be made on April 1 and Oct. 1 each year, beginning Oct. 1, 2025. Interest rates and yields have not been set yet.
The agency has designated the offered bonds as "Social Bonds," based on the intended or actual use of proceeds to finance affordable family mortgage loans generally made to first-time homebuyers of low and moderate income in underserved populations and communities throughout New York.
The State of New York Mortgage Agency was created in 1970 in order to alleviate shortages of funds in the private banking system for residential mortgages within New York, and is a corporate governmental agency.
Moody's is expected to rate the bonds Aa1.
Morgan Stanley is the lead underwriter.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
February 12, 2025 10:57 ET (15:57 GMT)
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