N.J. Housing Agency to Sell $110 Million for Multifamily Units

Braun, Martin Z.
April 2003
Bond Buyer;4/23/2003, Vol. 344 Issue 31620, p36
Trade Publication
The New Jersey Housing & Mortgage Finance Agency (NJHMFA) will price 110.3 million dollar in combined fixed-rate and variable-rate revenue bonds to help finance 18 multifamily housing developments, including a 12-story building in the heart of Jersey City, New Jersey. The NJHMFA will eliminate negative arbitrage by investing the proceeds of the variable-rate bonds in a variable-rate guaranteed investment contract. Standard & Poor's is expected to assign an underlying A-plus rating to the debt. In all, bond proceeds will finance mortgages for 1,900 units in 11 counties.


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