The state’s quasi-public housing-finance arm says it will sell Wednesday $161 million in tax-exempt bonds to fund about 900 more single-family mortgages to low- and moderate-income homebuyers.
The Connecticut Housing Finance Authority said the bonds are rated AAA by Standard & Poor’s Corp. and Aaa by Moody’s Investors Service.
Proceeds will fund the Rocky Hill authority’s single-family mortgage program, said CHFA interim Executive Vice President Norbert Deslauriers.
The current below market interest rates on CHFA mortgages for first-time homebuyers ranges from 3.25 percent to 3.625 percent. The Freddie Mac July 16 interest-rate survey found the national average at 4.09 percent.
Through June, CHFA says it has financed 1,150 mortgages totaling $194 million, 22 percent greater than the same period in 2014. Since its founding in 1969, CHFA has financed more than 130,000 mortgages for first-time homebuyers.
Citi is lead senior manager for the fixed-rate offering; RBC Capital Markets is senior manager for the variable-rate offering.
