By Stephen Nakrosis
Virginia's Housing Development Authority is offering $450 million in commonwealth mortgage bonds, with proceeds slated to help finance the purchase of mortgages for state residents seeking to become homeowners.
The bonds will be offered in three tranches, $75 million of 2025 Series E non-AMT bonds, $150 million of 2025 Series F taxable bonds, and $225 million of 2025 Series G non-AMT bonds, according to documents on MuniOS.
The bonds will be secured by mortgage loans, investments, revenues and other assets of the Authority. The Authority has no taxing powers, and the bonds are not an obligation of the state.
The 2025 Series E bonds will pay interest semiannually, on Jan. 1 and July 1, starting with Jan. 1 2027 and continuing through 2037. The terms bonds will see final maturity on July 1, 2056. The 2025 Series F term bonds will follow a similar schedule for interest payments and maturity, while the 2025 Series G bonds can be tendered beginning Feb. 1, 2026, through the mandatory tender date of April 1, 2027. Interest rates and prices haven't been set yet.
The Series E and Series F bonds received long-term ratings of Aaa from Moody's Investors Service and AAA from Standard and Poor's. The Series G bonds were given short-term ratings of VMIG 1 from Moody's and A-1+ from S&P.
The Virginia Housing Development Authority provides services to homebuyers and homeowners to acquire affordable and safe housing, it said. The group also works to meet the rental needs of low-income and critical needs populations.
BofA Securities is the offering's manager.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
Corrections & Amplifications
This was corrected at 4:17 p.m. ET. The original version misstated $450 instead of $450M in the headline.
(END) Dow Jones Newswires
October 17, 2025 16:29 ET (20:29 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.