MaineHousing yesterday closed its sale of tax-exempt bonds to Maine investors, pulling in $38.7 million to finance its homebuyer program.
The agency put the bonds on the market last week exclusively for Maine investors, with a goal of selling $23 million, according to the Kennebec Journal. The bonds are exempt from state and federal income taxes, and the interest rates ranged from 3.5% on a two-year bond to 6.25% on a 15-year bond. MaineHousing plans to put longer-maturing bonds on the national market in about three or four weeks, according to the paper.
The money will fund the agency’s first-time homebuyers program, which provides low fixed-rate mortgages and other assistance to people who qualify.