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Bond commission approves $125 million Louisiana Housing Corporation mortgage revenue allocation
Summary
The commission approved up to $125 million in single-family mortgage revenue bonds for the Louisiana Housing Corporation to support mortgage loans, home-improvement and rehabilitation loans, and down-payment and closing-cost assistance, with $25 million expected to be taxable to include non–first-time buyers.
The State Bond Commission on June 11 approved an application for not-to-exceed $125,000,000 in single-family mortgage revenue bonds for the Louisiana Housing Corporation.
According to the staff presentation, proceeds will finance mortgage loans, qualified home-improvement loans, qualified rehabilitation loans, and down-payment and closing-cost assistance for first-time or low- to moderate-income homebuyers. The staff said $25,000,000 of the proposed debt is expected to be issued as taxable to allow inclusion of non–first-time homebuyers, and the corporation has applied for an allocation under the state’s private activity volume cap.
Staff told commissioners the application met the technical requirements and recommended approval. Representative Reiser moved approval; Senator Migos seconded. Hearing no objections, the commission approved item 15.
The approval at the commission level authorizes the bond issuance structure to move forward subject to standard closing and allocation requirements; staff did not provide further details on timing, interest rates, or the precise mix of taxable and tax-exempt tranches at the June hearing.
