Virginia Housing Development to sell $74.65 million of mortgage bonds

By Sheri Kasprzak

New York, Aug. 30 - The Virginia Housing Development Authority is poised to price $74.65 million of series 2011B non-AMT homeownership mortgage bonds, according to a preliminary official statement.

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

The bonds are due 2012 to 2024.

Proceeds will be used to make mortgage loans to qualified low- to moderate-income Virginians.

In addition to the new issue, the authority intends to convert $111.97 million of series 2009B-4 homeownership mortgage bonds. The converted bonds are due Nov. 1, 2041 and will be converted to a permanent rate from a short-term rate beginning Nov. 27.

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