TD Bank, America's Most Convenient Bank®, announced today that its Commercial Lending Group in Maine closed a $40 million direct bond purchase for the Maine State Housing Authority (MaineHousing). The proceeds of the bonds were used to refund prior bonds that had financed multi-family housing projects in the state. Jay Violette, Senior Relationship Manager in TD Bank's Commercial Lending Group, closed the deal.
MaineHousing, created in 1969, is an independent state agency that uses public-private partnerships to provide affordable rental and ownership properties in Maine. The organization will use the savings generated by this bond re-funding to develop additional affordable housing in the state.
“TD Bank has long-standing roots in Maine, and we feel strongly about helping its residents achieve their goals, including having a nice, safe place to call home,” said Larry Wold, Maine Market President of Commerical for TD Bank. “TD is proud to work with MaineHousing to ensure that many more people are able to accomplish that and make our state an even better place to live and work.”
“MaineHousing values its relationship with TD Bank,” said Dan Brennan, MaineHousing’s Director. “This bond purchase will allow us to provide additional, much-needed affordable housing opportunities. An aging population and healthy job growth have contributed to an increasing need for affordable housing in Maine.”
The bond purchase directly reinforces TD Bank’s mission of supporting affordable housing and assisting those in its community. TD's longstanding commitment to community enrichment includes its newly launched Ready Commitment, a multi-year platform that actively promotes inclusivity, economic vitality, environmental well-being and health, enabling people of all backgrounds to succeed in a rapidly changing world.
About Maine State Housing Authority
Created 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, the Maine State Housing Authority (MaineHousing) has been helping Maine people own, rent or heat their homes since 1969. In the past 10 years, MaineHousing has completed an estimated 3,749 multifamily housing units and purchased 7,985 home loans.
MaineHousing couples the methods and efficiencies of the private financial markets with the federal tax incentives of tax-exempt bonds and the government’s public purpose goals to provide affordable rental and ownership housing. To date, the combined mortgage financing for MaineHousing’s single and multifamily housing programs exceeds $1.6 billion. For more information: http://www.mainehousing.org
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.
Martha A. Gaston, APR