New York State Housing Finance
Agency - Affordable Housing Revenue Bonds
2017 Series H & I

New York State Housing Finance Agency

Invest in affordable housing and earn tax free interest! Proceeds are expected to be used to finance mortgage loans for the construction or acquisition and rehabilitation of certain low-income multi-family housing projects. Please read the offering documents for details.


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

About this bond issuance

  • Purpose

    The proceeds are expected to be used to finance mortgage loans for the construction or acquisition and rehabilitation of certain low-income multi-family housing projects, including loans for supportive housing targeted to individuals and families with special needs and homeless adults. In addition, the proceeds will be used to finance certain costs of issuance and a deposit to the Debt Service Reserve Fund.

    Climate Bonds Certification/Green Bond Principals

    The Agency has designated the 2017 Series H Bonds as "Climate Bond Certified/Green Bonds," and the Climate Bond Initiative has provided a certification to the Agency of the 2017 Series H Bonds as "Climate Bonds." Further, the Agency has made this voluntary designation due to the intended use of proceeds in accordance with the Green Bond Principles (2016) promulgated by the International Capital Market Association (the "Green Bond Principles" or "GBP"). Specifically, the Agency expects that the multi-family housing projects expected to be financed with the proceeds of the 2017 Series H Bonds will meet or exceed certain ENERGYSTAR energy efficiency standards and thereby qualify as "Low Carbon Buildings" under the Climate Bond Initiative's criteria. The purpose of this Green Bond designation and Climate Bond certification is to allow investors to invest in bonds which finance environmentally beneficial projects.

    The Green Bond Principles are voluntary process guidelines that recommend transparency and disclosure, and promote integrity when issuing Green Bonds. The GBP are published by International Capital Markets Association (ICMA), which serves as Secretariat for GBP. The financing of the 2017 Series H Projects by the Agency is aligned with the GBP's four core pillars: use of proceeds, process for project evaluation and selection, management of the proceeds and reporting.

  • 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 General Resolution entitled "Affordable Housing Revenue Bonds Bond Resolution" adopted by the Agency on August 22, 2007, as amended, a supplemental resolution for the 2017 Series H Bonds entitled "Affordable Housing Revenue Bonds, 2017 Series H Resolution" adopted by the Agency on May 11, 2017 and a supplemental resolution for the 2017 Series I Bonds entitled "Affordable Housing Revenue Bonds, 2017 Series I Resolution" adopted by the Agency on December 15, 2016.

  • Security

    The 2017 Bonds are special revenue obligations of the Agency and will be payable solely from and 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 defined terms, and other 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

    SPECIAL REDEMPTION:

    THE 2017 SERIES H BONDS ARE SUBJECT TO REDEMPTION PRIOR TO MATURITY

    AS FURTHER DESCRIBED ON PAGES 10-17 OF THE PRELIMINARY OFFICIAL STATEMENT.

    THE 2017 SERIES I BONDS ARE SUBJECT TO REDEMPTION PRIOR TO MATURITY

    AS FURTHER DESCRIBED ON PAGES 10-17 OF THE PRELIMINARY OFFICIAL STATEMENT.

  • Sale conditions

    As of 6/22/2017, Institutional Order period, the PRIORITY OF ORDERS IS:

    1)      Net Designated

    2)      New York Retail

    3)      National Retail

    4)      Member

    As of 6/21/17: PRIORITY OF ORDERS AS FOLLOWS:

    1. New York Retail

    2. National Retail

    SERIES H: 11/01/2021 6,630M OF THE 16,630M OFFERED TO RETAIL.

                      11/01/2021 5,150M OF THE 25,150M OFFERED TO RETAIL.

    SERIES I: 11/01/2019 5,000M OF THE 10,500M OFFERED TO RETAIL.

    DEFINITION OF RETAIL:

    A Retail Order is defined as an order placed for the account of an individual for an amount up to $1 million. Individual Retail Orders larger than $1 million will be accepted at the discretion of the Agency.

    Retail Orders will include an order placed by a bank trust department, investment advisor or money manager acting on behalf of an individual or individuals up to $1 million. Retail Orders placed on behalf of multiple accounts aggregating to more than $1 million may be accepted; provided each individual account order is separately entered. All Retail Orders must include zip codes. Retail Orders submitted without zip codes will be treated as Institutional Orders.

    New York Retail will have the highest priority, National Retail will have second priority. Please specify New York Retail or National Retail when entering your retail orders.

    1. The Agency retains the right to reprice bonds for which orders were taken during the Retail Order Period. Buyers should be informed of this.

    2. The Agency may close maturities which are fully subscribed. The syndicate will be informed of the closed maturities via Ipreo.

    3. The status of the Retail Orders will be communicated via Ipreo at the end of the Retail Order Period.

    4. The Agency reserves the right to request copies of any and all confirmations of sale and may recover takedown amounts should non bonafide orders be discovered.

    5. The Agency and senior manager reserve the right to terminate or extend the order period prior to or later than the above mentioned time and date and to confirm bonds at their discretion.

    Order period until today 4:00 PM, Eastern, Wednesday, 06/21/17.

    The managers reserve the right to terminate or extend the order period prior to or later than the above-mentioned time and date and to confirm bonds at their discretion.

    The compliance addendum MSRB Rule G-11 will apply.

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