Sorry, you need to enable JavaScript to visit this website.
Skip to main content
U.S. flag

An official website of the Texas state government

If you or someone you know is in need of assistance, please visit our Help for Texans Page.

Scott E. Fletcher 
Director of Bond Finance

Street: 221 East 11th Street, Austin, TX 78701
Mail: PO Box 13941, Austin, TX 78711-3941
Phone: 512-936-9268



Bond related information such as: bond balances, mortgage loan balances, mortgage-backed security pool numbers, investment balances, and Trustee contact information.

Official Statements

Official Statements from the following bond indentures (provided in PDF format unless specified - opens in a new window):

2024 Investment Policy

The Department’s latest Investment Policy as approved by the Board on April 11, 2024.

2024 Interest Rate Swap Policy

The Department’s latest Interest Rate Swap Policy as approved by the Board on April 11, 2024.

Annual Audited Financial Statements

The Department’s latest Audited Annual Financial Statements, as well as historical Audited Annual Financial Statements.

Bond Outstanding Summary (PDF) (revised as of August 31, 2023)

Charts showing bonds outstanding by bond indenture type.

Electronic Municipal Market Access (EMMA -

Material Disclosure notices related to the Department’s Single Family and RMRB Indentures. For the Single Family Indenture, use the six-character CUSIP in the Muni Search: 88275F; and for the RMRB Indenture, use the six-character CUSIP in the Muni Search: 882750.

Overview of Bond Finance

The Bond Finance Division ("Bond Finance") is primarily responsible for administering the Department's Mortgage Revenue Bond ("MRB") programs. MRB programs provide below-market interest rate funds for single-family homebuyers and multifamily mortgage loans made to qualifying recipients. The Department's ability to issue tax-exempt municipal bonds produces below-market interest rate funds. Interest income from municipal bonds generally is exempt from federal, state, and local taxes. Interest rates on "tax-exempt" municipal bonds, therefore, are lower than interest rates on "taxable" bonds. This spread between tax-exempt and taxable bond interest rates creates the subsidy required to achieve and offer below-market interest mortgage rates.

The Department's authority to issue MRBs is derived from its enabling legislation and provisions of the Internal Revenue Code. On an annual basis, the Department may issue only a limited amount of tax-exempt single family MRBs due to Internal Revenue Code imposed maximums and State imposed limitations. The Department's capacity to issue MRBs for multifamily projects is subject to the Bond Review Board's lottery for private activity volume cap. However, the Department may issue tax-exempt multifamily MRBs, which are not subject to Internal Revenue Code imposed maximums, if the ownership entity is a 501(c)(3) nonprofit corporation. Qualified 501(c)(3) bonds are subject to Texas Bond Review Board approval.

For Calendar Year 2023, the maximum single family allocated authority is approximately $387 million. Multifamily bond volume varies based on applications received by the Department. The MRB programs utilize no General Revenue of the State and create no liability to the State of Texas.

Single Family Mortgage Revenue Bonds

The Bond Finance Division is chiefly responsible for structuring, restructuring, administering and monitoring the Department's Single Family Mortgage Revenue Bonds ("SFMRB") issues. Bond Finance coordinates all activities related to the issuance and/or remarketing of SFMRBs and notes. Bond proceeds generated by SFMRBs are mainly allocated to the Department's First-Time Homebuyer Program (the Texas Homeownership Division manages the lending and distribution of bond proceeds after bond closing). In addition, Bond Finance continuously monitors housing finance capital markets for innovative financial concepts applicable to the Department's single-family lending and development objectives. The Department also has the ability, under certain circumstance, to restructure existing bond issued and create additional funds for new single-family mortgage loans.

Bond Finance diligently analyzes financing options available through the tax-exempt capital markets. After reviewing bond financing alternatives with the Department's investment bankers, financial advisor, bond counsel, disclosure counsel, trustee and credit rating agencies, Bond Finance recommends bond structures and restructuring to the Department's Executive Management and ultimately, to the Department's Board.

Multifamily Mortgage Revenue Bonds

Housing Finance is responsible for administering and monitoring the Department's Multifamily Mortgage Revenue Bond issues. The Multifamily Finance Division manages all multifamily bond underwriting, analysis, and inducements.

Bond Compliance and Disclosure

After the Bond Finance Division successfully closes single family and multifamily bond transactions, Bond Finance manages financial matters related to the issue's series and bond indentures. The Financial Administration and Bond Finance divisions monitor the financial status of the bonds. The divisions also perform all Department responsibilities in accordance with the bond covenants as stated in the bonds' legal documents created as part of the issuance process. Bond Finance also monitors tax compliance for all multifamily properties. These monitoring and compliance functions are crucial and are required by the bond documents to ensure the tax-exempt status and investment-grade credit ratings of the bonds. Bond Finance is also responsible for complying with the Securities and Exchange Commission rules relating to the disclosure of information with the issuance and ongoing reporting of activities of the bonds.

Bond Finance Contacts

Heather Hodnett 
Manager of Single Family Finance
Phone (512) 475‐1899

Teresa Morales 
Director of Multifamily Bonds
Phone (512) 475‐3344

Erick Soriano
Senior Financial Analyst
Phone (512) 475-3856

Mark Fugina
Senior Financial Analyst
Phone (512) 475-3832

Eric Luna
Senior Financial Analyst
Phone (512) 475-3329


Subscribe to our Mailing List.

Sign up to get news of our program releases, how to apply for assistance, and other news.