New York State Housing Finance
Agency, Affordable Housing Revenue
Bonds, 2017 Series F

New York State Housing Finance Agency

The proceeds of the 2017 Bonds are expected to be used to finance mortgage loans for the construction or acquisition and rehabilitation of certain multi-family housing projects.


Issuance characteristics
  • Not callable
  • Federally tax exempt
  • Revenue
  • Negotiated sale

About this bond issuance

  • Purpose

    The 2017 Bonds are being issued for the purpose of  financing mortgage loans for the construction or acquisition and rehabilitation of certain multi-family housing projects. Payment of the principal or redemption price of and interest on the 2017 Bonds will be secured by the Revenues, the Funds and Accounts under the General Resolution and the Program Assets, including, without limitation, Mortgage Loans and certain payments to be made under or with respect to the Mortgage Loans.

    2017 Series F Projects

    - Heritage Gardens (Monroe County)

    - Moxey A. Rigby Apartments (Nassau County)

    - AP Lofts at Larkinville Apartments (Erie County)

  • Obligor

    New York State Housing Finance Agency

  • Issuer

    New York State Housing Finance Agency

  • Authority

    The 2017 Bonds are to be issued in accordance with the New York State Housing Finance Agency Act, and pursuant to a resolution entitled "Affordable Housing Revenue Bonds Bond Resolution" adopted by the Agency on August 22, 2007, as amended (the "General Resolution" or the "Resolution"), and a supplemental resolution for the 2017 Series F Bonds entitled "Affordable Housing Revenue Bonds, 2017 Series F Resolution" adopted by the Agency on January 26, 2017.

  • Security

    The 2017 Bonds are special revenue obligations of the New York State Housing Finance Agency and will be payable solely from and be secured by the Revenues, the Funds and Accounts under the General Resolution (including a Debt Service Reserve Fund) and the Program Assets. Program Assets include all of the Mortgage Loans financed with proceeds of Bonds and pledged to secure such Bonds, and Revenues include certain payments under the Mortgage Loans. The General Resolution does not require that the Agency pledge its interests in the assets financed with the proceeds of additional Bonds, or the revenues derived therefrom, to secure the Bonds. Moreover, the Agency may withdraw Mortgage Loans and monies on deposit in certain Funds from the pledge and lien of the General Resolution upon the filing with the Trustee of a Cash Flow Statement or a Rating Confirmation.

    For more information, including information on the risks of investing in fixed-income securities, please review the POS in the document tab.

  • Trustee

    The Bank of New York Mellon, New York, New York

  • Special attributes

    Expected Closing/Settlement Date: 5/23/2017

    First Coupon Payment Date: November 1, 2017

    Interest paid semiannually on May 1st and November 1st of each year

    SPECIAL REDEMPTION: THE 2017 SERIES F BONDS ARE SUBJECT TO REDEMPTION PRIOR TO MATURITY AS FURTHER DESCRIBED ON PAGES 7 - 13 OF THE POS

    Please refer to pages 10-11 for information regarding the sinking fund schedule for the term bonds maturing in:

    2032

    2037

    2042

    2047

    2050

  • Sale conditions

    Expected Retail Order Period: May 15, 2017

    Expected Institutional Pricing: May 16, 2017

Ratings

Ratings

S&P

Aa2

Moody's

Fitch

Financing team

Neighborly Securities
Neighborly is a selling group member on this issuance.
Municipal Advisors
Bond Counsel