PROVIDENCE – Rhode Island Housing has restructured $60 million in bonds for single-family home mortgages, taking advantage of historically low interest rates to claim $5 million in savings.
The savings will be reinvested into its programs, including low-interest mortgages, rental subsidies and community development programs.
The agency refunded $60 million in Homeownership Opportunity bonds in July, which will clear $5 million in savings over the next 10 years. The agency also borrowed another $15 million for new single-family mortgages, according to a news release.
In advance of the refunding, both Standard & Poor’s Ratings Service and Moody’s Investors Service reaffirmed the housing agency’s credit ratings. Standard & Poor’s reaffirmed the Homeownership Opportunity Bonds at AA+ long-term rating, and stable outlook. Moody’s also reaffirmed its Aa2 rating for the bonds, and deemed the outlook stable.
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