William G Dews,
Chief Financial Officer
Single-Family Mortgage Revenue Program
The Single-Family Mortgage Revenue Program accounts for proceeds of single-family mortgage bonds issued to finance the purchase of single-family mortgage loans for eligible persons and families of low and moderate income within the State of Georgia. Substantially all single-family mortgage loans made or purchased by the Authority are insured under programs offered by the Federal Housing Administration ("FHA") or Veteran's Administration ("VA"). The Authority also makes or purchases loans with conventional insurance and has a small group of uninsured loans. The Single-Family Mortgage Revenue Program includes the Georgia Dream Program described below:
The Georgia Dream Program
The Georgia Dream Program enables the Authority to finance the purchase of housing by Georgia families of low or moderate income. The Authority is authorized to issue tax-exempt revenue bonds to raise funds, the proceeds of which are used to make qualified mortgage loans for eligible persons and families. The bonds are to be repaid from collections of scheduled repayments and prepayments of mortgage loans. The Authority is further authorized to issue taxable revenue bonds, the proceeds of which are used to make loans that are not otherwise qualified under the tax-exempt MRB rules. All bonds are direct obligations of the Authority and not a debt of the State or any political subdivision thereof. The Authority's bond issuance capacity at June 30, 2023 was $3,000,000,000 in connection with the Georgia Dream Program.
