Maryland Department of Housing
and Community Development
Housing Revenue Bonds Series 2017 C

Maryland Department Of Housing And Community Development

Invest in Maryland affordable housing. Proceeds will support loans and development costs of four multifamily affordable housing communities within Maryland.


Issuance characteristics
  • Contains callable maturities
  • Federally tax exempt
  • Revenue
  • Negotiated sale

About this bond issuance

  • Purpose

    Proceeds from the 2017 Series C Bonds are expected to finance four loans for multifamily affordable housing developments in Maryland and to make a deposit to the Debt Service Reserve Fund.

    Loans expected to be financed with the proceeds of the 2017 Series C Bonds include:

    • The Elk River Manor Loan - 55 unit affordable housing community
    • The Hillside Park Loan -  94 unit affordable housing community
    • The Shalom Square Loan - 50 unit affordable housing community
    • The Riverfront Townhomes Loan - 126 unit affordable housing community

    All four loans are expected to have credit enhancement under the FHA Risk-Sharing Program. See the Preliminary Official Statement under the Documents tab for further details.

  • Obligor

    Community Development Administration, a unit of the Division of Development Finance of the Maryland Department of Housing and Community Development

  • Issuer

    Community Development Administration, a unit of the Division of Development Finance of the Maryland Department of Housing and Community Development

  • Authority

    The Administration is authorized to issue the Offered Bonds pursuant to Sections 4-101 through 4-255 of the Housing and Community Development Article of the Annotated Code of Maryland, as amended (the "Act") and a Resolution Providing for the Issuance of Housing Revenue Bonds adopted by the Administration as of November 1, 1996, and amended and restated as of July 1, 2006 (the "Bond Resolution"). The Offered Bonds are issued pursuant to the Bond Resolution, as supplemented by a Series Resolution Providing for the Issuance and Sale of Housing Revenue Bonds, Series 2017 C, to be adopted by the Administration as of December 1, 2017 (the "2017 C Series Resolution"). The Bond Resolution, as supplemented and amended, and the 2017 C Series Resolution are collectively referred to herein as the "Resolutions."

  • Security

    The Bonds are secured by a pledge of and lien on: (1) proceeds of the saleof Bonds (other than proceeds deposited in trust for the retirement of bonds), (2) the Loans made or purchased from Bond proceeds, (3) revenues from Loans (which includes primarily payments of principal and interest on Loans), (4) Prepayments, Recovery Payments and Acquired Development Receipts, and (5) all moneys, investments and other assets held in Funds and Accounts established by or pursuant to the Bond Resolution and the earnings thereon, subject, in each case, to any additional rights granted and/or limitations set forth in the series resolution authorizing such Bonds. The Administration may direct therelease of amounts from such Funds and Accounts free and clear of such pledge and security interest aftersatisfying the then current requirements for all Funds and Accounts and certain other conditions as providedin the Resolutions.

  • Trustee

    Manufacturers and Traders Trust Company (successor by merger to Allfirst Bank), a New York banking corporation with trust powers and having a corporate trust office in Baltimore, Maryland, is the trustee (the "Trustee") under the Resolutions.

  • Special attributes

    The Administration has no taxing power. The Bonds do not constitute a debt of the State, any political subdivision thereof, the Administration or the Department, or a pledge of the faith, credit or taxing power of the State, any such political subdivision, the Administration or the Department. In addition, payment of principal of, and interest and redemption premium, if any, on the Bonds is not guaranteed by the State, the Department, the Administration, Government National Mortgage Association ("GNMA"), FHA,  Fannie Mae or any other party.

  • Redemption provisions

    Please see the attached document entitled "Redemption provisions" under the Documents tab for details.

Ratings

Ratings

S&P

Aa2

Moody's

AA+

Fitch

Financing team

Neighborly Securities
Neighborly is a selling group member on this issuance.
Municipal Advisors
Caine Mitter & Associates People First Financial Advisors
Bond Counsel
Kutak Rock LLP