Michigan to Sell $547.5 Million in Single-Family Mortgage Revenue Bonds
By Chris Wack
The Michigan State Housing Development Authority plans to sell $547.5 million of single-family mortgage revenue bonds to help finance new single-family mortgage loans and down-payment assistance loans.
The bonds will also be used to replace and refund certain outstanding bonds, and satisfy the Capital Reserve Fund Requirement, according to documents posted on MuniOS.
The authority will issue the bonds in two tranches. The first is $412.1 million in non-AMT Series C bonds. The second is $135.4 million in federally taxable Series D bonds.
Interest will be payable on June 1 and Dec. 1, beginning Dec. 1, 2025. The bonds mature from 2026 through 2056.
The proceeds of the bond sales include being used to finance, including pay off borrowing facilities used to finance, the purchase of new single-family mortgage loans and down payment assistance loans.
The Michigan State Housing Development Authority is a public body corporate and politic, authorized to issue its bonds and notes to create a flow of private capital through the authority into mortgage loans to qualified housing sponsors and certain qualified individuals.
Moody's gave the bonds an Aa2 rating, and S&P Global Ratings rated the bonds AA+.
RBC Capital Markets is listed as lead manager of the offering.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
September 19, 2025 11:22 ET (15:22 GMT)
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