Centerline Securitizes $2.8 Billion Affordable Housing Bond Portfolio

By Caitlin Jones & A. J. Johnson
July 25, 2008 1 min read

CENTERLINE HOLDING Company, parent company of Centerline Capital Group, has completed the securitization of a $2.8 billion portfolio of taxexempt affordable housing bonds with Freddie Mac.
         In the deal, announced by the two firms 1/2/08 in a news release, Freddie Mac provided $2.8 billion in financing to Centerline for rental housing properties around the U.S. The $2.8 transaction involved 383 bonds secured by 275 low-income housing tax credit properties with roughly 52,000 occupied units in 31 states and the District of Columbia.
         Securitization of Centerline’s bond portfolio was executed through Freddie Mac’s Tax-Exempt Bond Securitization product. In this execution, Freddie Mac issues senior and subordinate tax-exempt and taxable securities, with the senior securities guaranteed by Freddie Mac and supported by pools of tax-exempt and taxable multifamily housing revenue bonds.
         Centerline retained a high-yield first-loss position, the B-piece, and will remain primary and special servicer of the portfolio.
         Centerline used proceeds from the transaction to redeem its existing financing arrangements and repay the costs and expenses associated with the transaction.

Breaking Ground

Jennifer Leimaile Ho, Minnesota Housing Commissioner and Incoming Chair of National Council of State Housing Agencies

Pamela Martineau • December 1, 2024 10 min read

Earlier this fall, Jennifer Leimaile Ho was elected chair of the National Council of State Housing Agencies’ (NCSHA) 2025 Board of Directors. Ho is the Commissioner of Minnesota Housing, having been appointed by Governor Tim Walz in January 2019 and reappointed in 2023.

“Business as Usual”

Leaders in Equity Express Optimism Despite an Uncertain Future

Abram Mamet • December 1, 2024 9 min read

Any outside observer may assume some unease amongst the low-income housing industry. Buffeted on the one hand by residual stressors from the COVID-19 pandemic and on the other by the uncertain prospects of an incoming federal administration keen on cutting spending and shrinking government programs, the affordable housing landscape is experiencing an inflection point.

NCSHA Recognizes Stand-Out Affordable Housing Programs and Initiatives

Pamela Martineau • December 1, 2024 7 min read

This fall, the National Council of State Housing Agencies (NCSHA) recognized 17 programs offered by state housing finance agencies across the nation that creatively developed tools to tackle their communities’ affordable housing challenges.