Mortgage Revenue Bond Issues

In 1979, the Corporation was the issuer of a single family mortgage revenue bond issue for the purpose of providing favorable financing to qualifying first time homebuyers in the city of Odessa. The amount of this issue was $39,875,000.

In 1981 and 1983, OHFC was the Issuer of five (5) Multi-Family Housing Revenue Bond Issues that were utilized for the financing of various apartment complexes in the City. The aggregate total of these issues was $12,090,000.

In 1989, the Corporation was the issuer of Residual Value Revenue Bonds in the amount of $2,614,203. The proceeds from this issue were utilized to purchase the old Lincoln Hotel Property in downtown Odessa and to complete the renovation of the property into the Lincoln Tower retirement facility.

The Corporation issued its second Single-Family Mortgage Revenue Bond Issue in 1990 in the amount of $9,500,000. Due to market conditions, most of this issue expired without being utilized by local homebuyers. Approximately $1,000,000 was utilized to make mortgage loans to eligible first time homebuyers.

In late 1992, OHFC was able to issue approximately $19,000,000 of Mortgage Revenue Tax Exempt Refunding Bonds. The proceeds of this issue were utilized to call all the then outstanding bonds of the 1979 issue and to provide the Corporation with approximately $2,000,000 in liquidity.

In 1997, the Corporation was the Issuer of a $10.000,000 Single-Family Mortgage Revenue Bond Issue for the first time homebuyers. There was approximately $7,000,000 of mortgage loans made with this bond money.