IHDA COMPLETES STATE'S FIRST SINGLE FAMILY SOCIAL BOND TRANSACTION

摘要

The Illinois Housing Development Authority (IHDA) has completed the state's first single-family revenue bond transaction with a Social Bond designation. The designation will improve the Authority's ability to efficiently and cost-effectively access the bond and capital markets, which will in turn improve IHDA's ability to finance affordable homeownership programs that promote positive social change and upward mobility for those that are underserved. The Social Bond designation generated approximately $20.5 million in additional orders, leading to one of the lowest yields on a traditionally structured single-family bond issue in history. The issue proceeds will be used to finance the Authority's residential home purchase programs which provide 30-year fixed-rate mortgages, down payment assistance grants and loans, tax benefits, and financial education for qualified low- and moderate-income homebuyers. In addition, bond proceeds will fund specialized mortgage programs designed to increase affordable homeownership among targeted populations, including borrowers with student loan debt, DACA recipients, and those in historically under-served and underbanked communities.