CHERRY HILL, N.J., July 11, 2017 /PRNewswire/ -- TD Bank, America's Most Convenient Bank®, announced today that its Commercial Lending Group in Connecticut closed a $50 million direct purchase bond facility that will finance nearly 300 mortgages for low-to-moderate income borrowers purchasing their first homes, or borrowers who have not owned a home in the past three years. The bond facility was purchased for the Connecticut Housing Finance Authority (CHFA) and was closed by Andrew Webster, TD Bank senior relationship manager.
The financing of these mortgages directly reinforces TD Bank's mission of supporting affordable housing and assisting those in its community to achieve their homeownership dreams. The deal represents a portion of a $175 million hybrid direct bond purchase and liquidity facility, which the CHFA recently closed in partnership with another financial institution.
"TD Bank is proud to work with the CHFA to help fund their initiative to continue providing affordable housing throughout Connecticut," said Michael LaBella, Market President for TD Bank. "Owning a home is a huge accomplishment and it's a goal for many of our customers, but circumstances may make it difficult to get a conventional mortgage. By supporting this program, we are able to help these dreams become a reality."
Founded in 1969, the CHFA seeks to increase Connecticut's housing supply and assist in the purchase, development and construction of housing for low-to-moderate income individuals across the state. The CHFA only recently began working with lenders like TD Bank to purchase bonds and considers this a successful strategy for future bond issues.
"In addition to helping homebuyers realize their American dream, CHFA's bonds provide an opportunity for investors, like TD Bank, to purchase highly rated AAA/Aaa bonds for their portfolios and to invest in their communities and state," said Hazim Taib, Chief Financial Officer at CHFA. "For first-time buyers, these mortgages are also affordable, with low interest rates and down payment assistances."
About TD Bank, America's Most Convenient Bank®
TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 9 million customers with a full range of retail, small business and commercial banking products and services at more than 1,200 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.tdbank.com. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US.
TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". To learn more, visit www.td.com.
About Connecticut Housing Financing Authority
The Connecticut Housing Finance Authority (CHFA) was created in 1969 by the Connecticut Legislature as a self-supporting quasi-public housing agency charged with expanding affordable housing opportunities for the state's low and moderate income families and individuals. CHFA has helped more than 133,000 Connecticut individuals and families become homeowners through its low interest, single family mortgage programs. In addition, CHFA has financed the creation of more than 40,000 affordable, rental units throughout the state. To date, the combined mortgage financing for CHFA's single and multifamily housing programs exceeds $11 billion. For more information: http://www.chfa.org
SOURCE TD Bank