According to a release, a total of $177.5 million of series Land M bonds are outstanding, including just under $63.8 million ofsub-series M-1 and $25 million of sub-series M-2. Fitch says thatin addition to the BofA LOC, other factors prompting its ratingactions include conversion of the interest rate on the bonds froman auction-rate mode to a weekly rate mode and HFA's reoffering ofthe bonds in a weekly rate mode.
The rating will expire upon Jan. 14, 2012, the stated expirationdate of the LOC, unless the date is extended; any prior terminationof the LOC; or defeasance of the bonds, whichever comes first. TheLOC provides full coverage of principal plus an amount equal to 56days' interest at a maximum rate of 12%, based on a 365-day yearand purchase price for tendered bonds, according to Fitch. Theremarketing agent for the series L and sub-series M-1 bonds isCitigroup Global Markets, while Ramirez & Co. is theremarketing agent for the sub-series M-2 bonds.
Earlier this month, HFA issued an RFP to enable localgovernments, nonprofits and other providers to apply for $64.5million in state and federal funds to buy, renovate and then resellor rent foreclosed and abandoned multifamily properties. The funds,provided under the federal Neighborhood Stabilization Program, areaimed at helping neighborhoods most affected by the foreclosure andsubprime crisis.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.