Texas State Affordable Housing defaults on four housing revenue bonds

By Devika Patel

Knoxville, Tenn., March 11 - Texas State Affordable Housing Corp.'s revenue bonds trustee was not able to make the principal and interest payments due March 1 on the series 2002A, series 2002B, series 2002C and series 2002D Texas State Affordable Housing Corp. multifamily housing revenue bonds, according to a notice from trustee Wells Fargo Bank, NA.

The trustee (612 667-3777) said it could not make the payments because of insufficient funds in the bond fund and reserve funds set up for each series of bonds. There have been prior non-payments on the bonds, which are now in default.

There are $53.68 million of the series 2002A bonds remaining outstanding, $6.63 million of the series 2002B bonds outstanding, $2.95 million of the series 2002C bonds remaining outstanding and $930,000 of the series 2002D bonds remaining.

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