By Josh Beckerman
The South Carolina State Housing Finance and Development Authority sold $172 million of mortgage revenue bonds, with proceeds slated for direct or indirect financing of mortgage loans for single-family residences.
The sale included $24.1 million of serial bonds with maturities ranging from 2026 through 2037, according to an offering document posted on MuniOS Thursday. The bond due Jan. 1, 2035 pays a 4% interest rate and was priced at par.
The authority also sold a $75.5 million, 6.5% term PAC bond due in 2055 that priced at 113.023%, and four term bonds that each priced at 100%.
The tax-exempt bonds are special obligations of the authority secured by its revenue, moneys and property.
"The sale of tax exempt bonds to investors provides money to make competitive mortgage loans and down payment assistance to qualified home buyers," the authority said on its website. Borrowers can obtain loans in three separate categories at competitive rates that puts homeownership within the reach of more low-to-moderate income buyers, according to the authority.
Moody's Ratings assigned the securities a rating of Aaa.
BofA Securities was lead underwriter on the sale.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
January 16, 2025 19:15 ET (00:15 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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