Title
Presentation, discussion, and possible action regarding resolution no. 26-001 authorizing the issuance, sale and delivery of Texas Department of Housing and Community Affairs single family mortgage revenue bonds or residential mortgage revenue bonds in one or more series and installments; approving the form and substance of related documents; authorizing the execution of documents and instruments necessary or convenient to carry out the purposes of this resolution; and containing other provisions relating to the subject.
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RECOMMENDED ACTION
Adopt Resolution
BACKGROUND
On October 10, 2024, the Board approved Resolution 25-004, which authorized the issuance during the Department's fiscal year ending in 2025 of single-family mortgage revenue bonds in a maximum aggregate amount not to exceed $1,100,000,000 in various series from time to time under one of the Department's single family bond indentures. Such resolution delegated final approval for the sale of any individual issue of bonds to an Authorized Representative of the Department, subject to a determination by the Authorized Representative that the issue was in the best interests of the Department and in compliance with the parameters outlined in the resolution.
With this item, the Department seeks Board approval of Resolution 26-001 ("Resolution") to authorize the issuance during FYE 2026 of single-family mortgage revenue bonds ("Bonds") in a maximum amount not to exceed $1,100,000,000 in various series from time to time. Proceeds of the Bonds will be used to purchase Ginnie Mae mortgage-backed securities (MBS) backed by tax-exempt eligible mortgage loans, to pay all or a portion of the costs of issuance related to the Bonds, and to finance a portion of the down payment assistance, lender compensation, and second loan servicing fees related to the underlying mortgage loans and/ or to refund other outstanding bonds of the Department issued under the indentures. Depending on market conditions, proceeds...
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