NEW YORK--(BUSINESS WIRE)--Roosevelt & Cross Incorporated, a registered broker-dealer that specializes in tax-exempt and taxable municipal debt, today announced the successful completion of a $54.145 million Connecticut Housing Finance Authority bond issue. The state-supported special obligation bonds consist of four series, including a new money tax-exempt series to finance group home mortgage loans issued under the Authority’s Special Needs Housing Program.
To maximize savings allowed under federal tax law, the issue featured both tax-exempt and taxable components currently refunding bonds originally issued for group home and supportive housing facility mortgage loans. Given the underlying purpose of the borrowings, each of these series was designated as Social Bonds. The bonds were rated Aa3/stable by Moody’s and A/stable by S&P.
As Book-Running Senior Manager for the issue, Roosevelt & Cross generated orders totaling $159 million, including $82.5 million in retail orders, $29.3 million of which were from Connecticut investors. The company was allotted $44.14 million of the bonds, of which $25 million were for retail accounts.
“We were honored to be selected to work with the Connecticut Housing Finance Authority on this transaction, which helps fulfill a critical need,” said Frank DelVecchio, Senior Vice President and New England Public Finance Banker at Roosevelt & Cross. “And we were pleased to be able to deliver a low-interest-cost financing for the Authority.”
The Connecticut Housing Finance Authority was created in 1969 to meet the housing needs and demands of low- and moderate-income families and persons. The Authority’s Special Needs Housing Mortgage Finance Program provides mortgage loans to finance affordable housing for persons with special needs, as defined by the State Legislature. Under the Group Home Mortgage Finance Program, the Authority originates permanent loan secured by group home mortgages on group homes.
Lamont Financial Services served as financial advisor for the transaction.
About Roosevelt & Cross Incorporated
Roosevelt & Cross Incorporated is a registered broker-dealer that specializes in tax-exempt and taxable municipal debt. The firm is entirely employee owned and directed, and 100% of the firm’s capital is committed to municipal securities. As a top-ranking municipal bond underwriter in New York, New Jersey, and New England, Roosevelt & Cross offers strong distribution capabilities across major and mid-size institutional accounts, professionally managed retail accounts, and high net worth individual accounts. The firm’s investment banking and research capabilities are on par with the best in the industry. Roosevelt & Cross is a leading underwriter of short-term financings in New York and is consistently ranked the #1 underwriter of education bonds in New York State. Based in New York, the company has branch offices in Buffalo, Boston, West Hartford, CT, East Greenwich, RI and Warren, NJ. Visit https://www.roosevelt-cross.com/ to learn more. Follow us on LinkedIn.