By Zaeem Shoaib

The New York City Housing Development Corporation plans to sell $535.9 million of sustainable development, multi-family housing revenue bonds to finance construction and mortgage loans for housing projects.

Securities will be offered to investors in four separate tranches, according to documents posted Wednesday on MuniOS.

The corporation seeks to sell $133.1 million of 2025 Series C-1 bonds due from 2030 through 2065; $252.8 million of 2025 Series C-2 bonds due May 1, 2065; and $150 million of 2025 Series D bonds due May 1, 2065.

Also, the corporation plans to sell an as-yet undetermined amount of 2025 Series E bonds due May 1, 2055.

Retail orders can be placed on June 9, and institutional pricing is scheduled for June 10. The securities are expected to be delivered on June 18.

Interest on the Series C-1 and Series C-2 bonds is payable on May 1 and Nov. 1, while interest on the Series D bonds is payable on the first business day of each February, May, August and November. On the Series E bonds, interest is payable on Nov. 1 and Dec. 22.

The series C-1, C-2 and E bonds are exempt from the alternative minimum tax. The Series D bonds are federally taxable.

Proceeds from the issuance will be used to help finance, directly or indirectly, construction and permanent mortgage loans for certain developments and to finance other corporate purposes.

The corporation is government entity established to finance the creation and preservation of affordable multi-family housing for low-, moderate- and middle-income residents in New York City.

S&P Global Ratings and Moody's have assigned AA+ and Aa2 ratings, respectively, to the Series C and Series D bonds. S&P and Moody's rated the Series E bonds at A-1+ and Aa2/VMIG 1, respectively.

Morgan Stanley, Ramirez & Co. and RBC Capital Markets are lead managers on the issuance.

Write to Zaeem Shoaib at zaeem.shoaib@wsj.com

(END) Dow Jones Newswires

June 05, 2025 15:44 ET (19:44 GMT)

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