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Notice of Public Hearing for New Hampshire Housing Single Family Bonds
September 16, 2022
Notice is hereby given that a public hearing will be conducted by the New Hampshire Housing Finance Authority (NH Housing) at NH Housing’s office building at 32 Constitution Drive, Bedford, New Hampshire at 9:30 a.m. on September 26, 2022 on a plan of financing (adopted in conformance with Section 147(f)(2)(C) of the Internal Revenue Code of 1986, as amended (the “Code”), and Section 1.147(f)-1(f)(1) and (7) of the Income Tax Regulations promulgated by the United States Treasury Department under the Code (said plan of financing constituting the “Plan of Financing”)) under which NH Housing, acting under and pursuant to New Hampshire Revised Statutes Annotated Chapter 204-C, would sell and deliver a series of bond issues (each such issue of bonds being issued pursuant to the Plan of Financing constituting the “Plan of Financing Issue”), with the maximum aggregate principal amount of all bonds issued pursuant to the Plan of Financing equaling $60,000,000 (the “Bonds”). The Plan of Financing Issues are being issued for the purpose of providing financing for owner occupied one-to-four family principal residences located throughout the State of New Hampshire (the “Residences”), including without limitation refunding obligations which provide such financing. The Plan of Financing Issues are intended to meet the requirements of Section 143 of the Code, and other applicable law including without limitation the following mortgage eligibility requirements and any future modifications thereto applicable to the proceeds of the Plan of Financing Issues (such requirements being applied separately to each Plan of Financing Issue):
(a) At least 95% of the proceeds (after deducting reserves) devoted to owner financing will be available only to mortgagors (i) having no ownership interest in a Residence at any time in the previous three years or (ii) whose Residence will be located in Berlin, Claremont, Concord, Dover, Goffstown, Laconia, Lancaster, Littleton, Manchester, Newmarket, Pittsfield, Portsmouth, Rochester, Somersworth, or Whitefield (“targeted areas”) without regard to such three-year limitation.
(b) The maximum income of mortgagors will not exceed 115% (100% in the case of families of fewer than three individuals) of median area income subject to adjustment in high housing cost areas, or 140% (120% in the case of families of fewer than three individuals) of median area income in targeted areas.
(c) The acquisition cost of each Residence will be limited to no more than 90% of the average area purchase price (110% in targeted areas) for the statistical area in which the Residence is located.
(d) At least 20% of the proceeds devoted to owner financing will be initially available for Residences in targeted areas.
It is anticipated that all Bonds issued pursuant to the Plan of Financing will have been issued no later than September 26, 2025. However, Bonds may be issued under the Plan of Financing if the issue date of the Plan of Financing Issue pursuant to which the Bonds are being issued is no later than three years after the date of the first Plan of Financing Issue and such first Plan of Financing Issue was issued no later than one year after the Governor’s approval of the Plan of Financing.
The Bonds will not be general obligations of NH Housing nor a pledge of the faith and credit of NH Housing, nor a debt, liability, obligation or pledge of the faith and credit of the State of New Hampshire or any political subdivision thereof.
All interested parties are invited to attend to express their views on the proposed issuance of the Bonds.
Written comments will be accepted for two business days following the public hearing, and must be received by email, fax, or physical delivery no later than 5:00 p.m. on September 28, 2022.
For more information, contact:
Andy Cadorette, Director, Sr. Manager, Business Development
New Hampshire Housing Finance Authority
32 Constitution Drive
Bedford, NH 03110