The Connecticut Housing Finance Authority, citing rising demand from qualified homebuyers, plans to offer $185 million in bonds in August.
It intends to sell $145 million in fixed-rate bonds and $40 million in variable rate bonds on Aug. 3 and Aug. 24, respectively. Proceeds will finance about 750 single-family mortgages and refund prior bonds, according to an authority official.
The authority has financed nearly 1,500 mortgages this year, with roughly $243 million.
"These are numbers we haven't seen since 2007," said executive director Karl Kilduff. The current below-market interest rates on CHFA mortgages for first-time homebuyers range from 2.75% to 3.125%, as of July 29.
S&P Global Ratings and Moody's Investors Service rate the bonds AAA and Aaa, respectively.
Morgan Stanley is the lead underwriter. Kutak Rock LLP, Hawkins, Delafield & Wood LLP and Hardwick Law Firm LLC are co-bond counsel. Lamont Financial Services Corporation is CHFA's Financial Advisor.