New York State Housing Finance
Agency Affordable Housing Revenue Bonds

New York State Housing Finance Agency

The proceeds of the 2016 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
  • Contains callable maturities
  • Federally tax exempt
  • Revenue
  • Negotiated sale

About this bond issuance

  • Purpose

    The proceeds of the 2016 Bonds are expected to be used to finance mortgage loans for the construction or acquisition and rehabilitation of certain multi-family housing projects. In addition, proceeds of the 2016 Bonds, together with other available monies, are expected to be used to finance certain costs of issuance and a deposit to the Debt Service Reserve Fund.

  • Obligor

    New York State Housing Finance Agency

  • Issuer

    New York State Housing Finance Agency

  • Authority

    The 2016 Bonds are to be issued in accordance with the Act, and pursuant to a resolution entitled "Affordable Housing Revenue Bonds Bond Resolution" adopted by the Agency on August 22, 2007, as amended, a supplemental resolution for the 2016 Series H Bonds entitled "Affordable Housing Revenue Bonds, 2016 Series H Resolution" adopted by the Agency on November 10, 2016 and a supplemental resolution for the 2016 Series I Bonds entitled "Affordable Housing Revenue Bonds, 2016 Series I Resolution" adopted by the Agency on November 10, 2016 . The General Resolution, the 2016 Series H Resolution and the 2016 Series I Resolution are referred to herein, collectively, as the "Resolutions."

  • Security

    The 2016 Bonds are special revenue obligations of the Agency and will be payable solely from and be secured by the Revenues, the Funds and Accounts under the General Resolution 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.

  • Trustee

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

Ratings

Ratings

S&P

Aa2

Moody's

Fitch

Financing team

Neighborly Securities
Neighborly is a market participant on this issuance.