By Patrick Sheridan
The Industrial Development Authorities of the city of Phoenix, and Maricopa County, Arizona will sell $100 million in municipal bonds to help finance mortgages for single-family homeowners of low and moderate income.
The Authorities will offer $13.8 million in 2025 Series A Single Family Mortgage Revenue bonds with maturities ranging from 2027 to 2037. Five term bonds in a total amount of $86.2 million will also be offered with maturities ranging from 2040 to 2056. Pricing information on the securities wasn’t available in the preliminary official statement posted Tuesday on MuniOS.
Proceeds of the sale will be used to finance mortgage loans through the purchase of guaranteed mortgage securities.
The bonds are secured by a pledge of the principal and interest on guaranteed mortgage securities and mortgage loans, and the earnings from the investment or reinvestment of monies held.
The Industrial Development Authority of Maricopa County is focused on increasing the availability of affordable housing, aiding job growth, and improving the state’s economy through access to low-cost financing and community investments, according to the authority’s website. Over the past 50 years, the Authority says it has issued more than $12 billion in bonds for such purposes.
The authorities have applied to Moody’s Ratings for a rating on the bonds.
Stifel, Nicolaus & Company is the lead underwriter of the securities.
Write to Patrick Sheridan at patrick.sheridan@wsj.com
(END) Dow Jones Newswires
February 19, 2025 13:20 ET (18:20 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.