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Iowa Finance Authority Announces Details of Upcoming Bond Sale

Affordable Housing

DES MOINES – The Iowa Finance Authority (IFA) today announced the details of its upcoming bond sale. Subject to market conditions, IFA plans to sell $42.85 million of tax-exempt fixed-rate bonds and $8 million of taxable fixed-rate bonds by negotiated sale on Tuesday, July 21, 2020.  IFA also plans to sell $15 million of tax-exempt variable rate bonds by negotiated sale on Tuesday, August 18, 2020.

The bonds will be sold through the IFA’s underwriting syndicate, led by bookrunning senior manager RBC Capital Markets, with Morgan Stanley, BofA Securities and Piper Sandler serving as co-managers on the transaction.

A Preliminary Official Statement has been released and is available at IFA’s Single-Family Mortgage bonds are rated Aaa by Moody’s and AAA by S&P.

IFA assisted more than 2,000 Iowans in purchasing a home last year alone, the most in a single-year in our more than 40-year history, IFA Executive Director Debi Durham.

“The proceeds of this bond sale will enable us to continue offering affordable financing to first-time and repeat homebuyers through our bond programs, which will in turn have a lasting effect on the state economy,” said IFA Executive Director Debi Durham.

About Iowa Finance Authority

The Iowa Finance Authority (IFA) is a self-supporting state agency that administers affordable housing and water quality programs, among others. Since its inception in 1975, IFA has assisted more than 55,000 homebuyers purchase a home and more than 600 Iowa communities upgrade their water infrastructure through the sale of tax-exempt bonds.