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$112M Bond Financing to Fund Houston Affordable Housing

The Uptown Development Authority successfully completed the second half of its $112 million bond financing. The bonds consisted of a $48 million privately placed series 2021A bond at 2 percent and a $64 million public offering series 2021B bond at 3.52 percent, for an all-in combined cost of 3.18 percent. The proceeds will fund affordable homes throughout Houston, directed by the city’s Housing and Community Development Department.

“Uptown Development Authority’s credit profile is anchored by a large and growing incremental tax base reflective of strong demand and economic development in an affluent part of the robust Houston metropolitan area,” according to Moody’s Investors Service.

The low interest rates achieved for the issuance of the series 2021B, led by UBS Financial Services Inc., show that bond investors view both Houston and UDA’s fiscal health positively.

“The success of this financing reflects the strength of UDA’s economic development and financial structure as well as resilience during these challenging times,” said Kristin Blomquist with Masterson Advisors LLC, financial advisers to UDA.

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About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

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