Printer Friendly

STANDARD AND POOR'S LAUDS NEW JERSEY AGENCY FOR CONSISTENT TOP-TIER STATUS

 STANDARD AND POOR'S LAUDS NEW JERSEY AGENCY
 FOR CONSISTENT TOP-TIER STATUS
 TRENTON, N.J., Aug. 3 /PRNewswire/ -- In an article published today in Standard and Poor's (S&P) "Creditweek," the New Jersey Housing and Mortgage Finance Agency (NJHMFA) in Trenton was credited as being one of the strongest state housing finance agencies in the nation.
 The article also reaffirms the agency's Top-Tier status which was affirmed by S&P in April 1992.
 Gail Brennan, associate director for S&P's Tax-exempt Housing Group, writes, "Over its 25-year history, NJHMFA has established itself as one of the strongest state housing finance agencies, as evidenced by its ability to maintain the high credit quality of its rated debt. The NJHMFA was initially designated Top Tier in 1988 and continues to meet S&P's guidelines for maintaining that status."
 The NJHMFA promotes affordable housing by providing low-interest construction and permanent loans for single- and multiple-unit dwellings. The agency raises its housing finance funds through the sale of taxable and tax-exempt bonds to private-sector investors, and it meets its administrative and operating expenses with its own revenues. No taxpayers' monies are used to fund these agency operations.
 Kevin Quince, executive director since 1990, explained that the agency's efficient and effective management style has allowed it to provide maximum affordable housing opportunities while maintaining financial stability.
 Brennan writes, Top-Tier status signifies among other things that an agency has demonstrated excellent managerial capabilities and is able to lend financial support to its programs. The article indicates that the "NJHMFA continues to be an extremely active issuer, having issued $378 million in tax-exempt revenue bonds during the fiscal year ending June 30, 1992."
 In an example of its creative financing, the agency made possible the substantial rehabilitation of Douglass-Harrison, a 754-unit low- income development in Newark in need of substantial repairs. A $6 million second mortgage by the agency to the owner helped pay operating expenses and make the necessary repairs. Through an innovate refunding mechanism, the agency is able to amortize the second mortgage without any additional burden to the project. Similarly, the Presidential Plaza, a multifamily development with more than 1,500 units in Jersey City, was experiencing difficulty in 1990 meeting its operating expenses. The NJHMFA, working closely with the owner and the Department of Housing and Urban Development (HUD), was able to decrease debt service on the mortgage by 2 percent through a creative refunding mechanism.
 The New Jersey Housing and Mortgage Finance Agency is the state's largest non-profit financier of housing for low-, moderate- and middle- income households. For additional information on the agency and its programs contact Eric Anderson, 609-890-8900, ext. 216.
 /delval/
 -0- 8/3/92
 /CONTACT: Eric Anderson of the NJHMFA, 609-890-8900, ext. 216/ CO: New Jersey Housing and Mortgage Finance Agency ST: New Jersey IN: FIN SU:


MP-MK -- PH033 -- 6353 08/03/92 17:17 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 3, 1992
Words:477
Previous Article:WISCONSIN CENTRAL BEGINS NEW INTERMODAL SERVICE WITH J.B. HUNT AND SANTA FE
Next Article:COASTAL'S ANR DECLARES DIVIDEND
Topics:


Related Articles
THE TRUSTCOMPANY BANCORPORATION REPORTS RECORD FIRST-QUARTER EARNINGS FOR THE 10TH CONSECUTIVE YEAR
TRUST COMPANY OF NEW JERSEY ANNOUNCES APPROVAL OF MERGER TRANSACTION ELIMINATING HOLDING COMPANY FOR THE BANK
S&P Affirms PHP Ratings After HIP Healthplan of NJ Agreement
SocGen Real Estate Co. US 800 Million Dollar Preferred Stock Rated 'A' by S&P
S&P: Growth in Capital Markets May Finance Affordable Housing
S&P Affirms Mass. Housing Finance Agency's Multifamily Bonds AAA
Standard & Poor's Upgrades California Housing Finance Agency; Top-Tier Status Affirmed.
Standard & Poor's Selects Mortgage Risk.
S&P Afms Selective Ins Grp Inc 'A+' Rtg; Otlk Stable.
Standard & Poor's Assigns Lafayette Life Insurance Co 'A' Ratings; Outlook Stable.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters