| 摘要 |
A system and method for providing municipal bonds secured by GNMA securities for multifamily development projects, includes securing a commitment from the bond purchaser at the initiation of the transaction for periodic purchases of portions of the bonds over the period of the construction or rehabilitation of the development project, which bonds will pay a fixed interest rate. As each stage of construction is carried out and the expenses therefore incurred and loan advances are made, applications are made for approval to issue corresponding GNMA securities. Once issuance of the GNMA securities is approved, municipal bonds are issued to acquire such GNMA securities and such municipal bonds are purchased by the bond purchaser at the agreed upon fixed interest rate.
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