Virginia Housing to sell $155.8 million of rental housing bonds

By Sheri Kasprzak

New York, Nov. 9 - The Virginia Housing Development Authority plans to price $155.8 million of series 2011D taxable rental housing bonds, according to a preliminary official statement.

The bonds (Aa1/AA+) will be sold on a negotiated basis with Wells Fargo Securities LLC as the lead manager. The co-managers are BB&T Capital Markets LLC, Bank of America Merrill Lynch, Davenport & Co. LLC, Morgan Keegan & Co. Inc. and Raymond James & Associates Inc.

The maturities have not been set.

Proceeds will be used to redeem outstanding rental housing bonds, the proceeds of which were used to fund mortgage loans.

Based in Richmond, Va., the authority makes mortgage loans to qualified Virginia residents.

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