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Presentation and discussion regarding the pending issuance of Texas Department of Housing and Community Affairs Residential Mortgage Revenue Bonds, Series 2025 D (Non-AMT)
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BACKGROUND
On October 10, 2024, the TDHCA Governing Board approved Resolution 25-004 authorizing issuance of Mortgage Revenue Bonds by the Department in an amount not to exceed $1.1 billion for Fiscal Year 2025. After the issuance of RMRB 2025BC, the Department will have $425 million of issuance authority remaining.
On May 6, 2025, the Department issued $187.5 million Residential Mortgage Revenue Bonds, Series 2025 B (Non-AMT) and $62.5 million Series C (Taxable). The bonds settled on June 10, 2025, and mortgage loans using these reserved 90% as of July 15, 2025.
Demand remains strong and market conditions continue to be conducive for the issuance of additional series of tax-exempt mortgage revenue bonds under the Department's Residential Mortgage Revenue Bond Trust Indenture (RMRB) to finance mortgage loans for very low, low, and moderate income homebuyers. THDCA is currently offering Bond Funded Mortgage loans 37.5 to 50 basis points lower than mortgage rates available under the TMP (aka TBA) Program.
The Department has moved to a continuous lending model whereby bond-funded mortgage loans are always available to borrowers. Demand is strong and the Department is building a pipeline of loans to be funded by Texas Department of Housing and Community Affairs, Residential Mortgage Revenue Bonds, 2025 Series D (Non-AMT).
2025 D Bonds
The 2025 D Bonds will be issued in a maximum par amount of $250 million; total bond proceeds (par amount of bonds plus bond premium) will not exceed $270 million.
A portion of the proceeds, not to exceed par of $33,695,000, will utilize recycled volume cap and will be used to repay amounts owed under the Advances and Security Agreement between the Federal Home Loan Bank and the Department representing recycled repayments from May 1, 2025,...
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