Housing-Bond Sales Hit 10-Year High as Mortgage Rates Stay Lofty
- Michigan, Rhode Island, Colorado entities borrowed recently
- A 57% year-over-year jump in issuance of such bonds seen
Homes in Centreville, Maryland
Photographer: Nathan Howard/BloombergThis article is for subscribers only.
State and local governments borrowed nearly $9 billion for affordable housing so far this year — the most for the period in at least a decade — as buying a home in the US remains expensive.
The Michigan State Housing Development Authority’s recent $425 million bond sale is expected to help more than 2,700 families get lower mortgages, said Chief Financial Officer Jeffrey Sykes. Rhode Island Housing sold about $125 million of non-taxable bonds to aid first-time home buyers. Colorado ski town Telluride borrowed $31.8 million, half of which will be used to buy and build affordable rental housing.