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House committee hears proposal to raise GHFA bond cap from $3 billion to $12 billion
Summary
The Budget and Fiscal Affairs Oversight committee held an informational hearing on a bill to raise the Georgia Housing Finance Authority(GHFA) bond issuance cap from $3 billion to $12 billion. DCA/GHFA staff explained the bondsmechanics, portfolio performance and federal insurance protections; industry groups voiced support. No vote was taken.
The state House Budget and Fiscal Affairs Oversight committee held a hearing on a bill to increase the Georgia Housing Finance Authority(GHFA) bond issuance cap from $3,000,000,000 to $12,000,000,000, a change presenters described as minor in text but large in impact.
Wesley Brooks, deputy commissioner for homeownership at the Georgia Department of Community Affairs (DCA) and the Georgia Housing Finance Agency, told the committee the agency issues private activity bonds that it uses to buy mortgages for first-time and moderate-income buyers and then services those loans in-house. "We actually just got a notification today, again, rated triple A," Brooks said, describing the GHFA bond rating and attributing it to conservative servicing and low delinquency rates.
Brooks and an unidentified bill presenter said the loans…
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