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Commission conditionally approves $35M CAFA mortgage-loan program allocation
Summary
The commission approved a $35 million revenue bond allocation request for the Capital Area Finance Authority (CAFA) to finance mortgage loans for first-time, low- and moderate-income buyers, contingent on CAFA adopting a subsequent resolution to verify security parameters on June 12.
The State Bond Commission on May 15 approved a public trust request from the Capital Area Finance Authority (CAFA) for up to $35,000,000 in revenue bonds to finance mortgage loans to qualified low- and moderate-income first-time homebuyers, contingent on a CAFA resolution.
Staff said CAFA had applied for an allocation from the state's private activity volume cap and that the application met technical requirements. Approval by the commission is contingent on CAFA's adoption and verification of a subsequent resolution to include the security parameters; staff said CAFA scheduled that resolution for adoption on June 12. Representative Reiser moved approval of item 41 with the stated condition; Senator Barrow seconded the motion. The commission approved the conditionally contingent motion with no recorded roll-call tally.
Why it matters: The allocation would allow CAFA to finance mortgage loans that target first-time, low- and moderate-income buyers, subject to verification of security parameters in CAFA's forthcoming June 12 resolution.
Details: Staff framed the approval as contingent on the CAFA resolution; the transcript reflects the condition and the scheduled June 12 adoption date in the commission materials.
