The Maryland Community Development Administration plans to issue $60 million of Series 2008A residential revenue bonds around June 19, according to the preliminary official statement.
Proceeds will be used to help finance mortgage loans for first-time homebuyers and purchase the loans from lenders, according to the POS. The tax-exempt bonds will not be subject to the alternative minimum tax.
Caine Mitter & Associates Inc. is financial adviser. Morgan Stanley, Merrill Lynch & Co., Ferris, Baker Watts Inc., Goldman, Sachs & Co., Loop Capital Markets LLC are underwriters for the negotiated deal. Ballard Spahr Andrews & Ingersoll LLP is bond counsel.
Moody’s Investors Service is expected to rate the deal Aa2 and Fitch Ratings will rate it AA, according to the POS.
The CDA is an agency of the Maryland Department of Housing and Community Development.
