Ballard Spahr served as underwriter’s counsel for the issuance of $245.5 million in New Jersey Housing and Mortgage Finance Agency (NJHMFA) bonds to finance mortgage loans for single-family, owner-occupied residences throughout the state in a transaction that closed.
Bond proceeds are to fund NJHMFA programs that help increase the accessibility of homeownership in New Jersey. Ballard Spahr served as counsel to Jefferies LLC as representative of the underwriters of the bonds. The transaction consisted of two series of NJHMFA bonds: $205.5 million in single-family housing revenue bonds, 2024 Series K (non-AMT), and $40 million in single-family housing revenue bonds, 2024 Series L, federally taxable.
Both series are designated as Social Bonds, which “reflects a use of the proceeds of the Offered Bonds that is intended to be consistent with The Social Bond Principles promulgated by the International Capital Market Association (ICMA).” The principles are designed to “support issuers in financing socially sound and sustainable projects that achieve greater social benefits.”
The team for the transaction was led by Jere G. Thompson and includes Skye Nickalls, BK Katzmann, and Christine Karas, a capital markets specialist, who are all members of the firm’s national Finance Department.
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