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Community Development Administration Maryland Department of Housing and Community Development Community Development Administration Maryland Department of Housing and Community Development Residential Revenue Bonds QUARTERLY UPDATE TO ANNUAL REPORT PROVIDED PURSUANT TO SECURITIES AND EXCHANGE COMMISSION RULE 15c2-12 The following information is being provided by the Community Development Administration (the “Administration”), a unit of the Division of Development Finance of the Department of Housing and Community Development, a principal department of the State of Maryland (the “Department”). The information required to be included in the Administration’s quarterly financial report for the three-month period ended September 30, 2020 is included in the Appendices to the Administration's Official Statement dated February 2, 2021 for its Residential Revenue Bonds 2021 Series A (Non-AMT) attached hereto as Appendix A (the “Official Statement”) and is incorporated by reference herein. The financial statements for the years ended June 30, 2020 and June 30, 2019 of the Residential Revenue Bonds of the Administration have been audited by CliftonLarsonAllen LLP, as described in the Independent Auditor’s Report of CliftonLarsonAllen LLP, accompanying the financial statements located in Appendix I-1 to the Official Statement. As indicated in the report of the auditor, such financial statements have been prepared in conformity with accounting principles and the audits conducted in accordance with auditing standards generally accepted in the United States. Unaudited financial statements for the Residential Revenue Bonds of the Administration for the three months ending September 30, 2020 are also included in Appendix I-2. The Maryland Housing Fund is an insurance fund and a unit of the Department of Housing and Community Development's Division of Credit Assurance. The Maryland Housing Fund insures a portion of the Residential Revenue Bonds mortgage loans made or purchased by the Administration with bond proceeds. The Maryland Housing Fund does not insure the bonds, and the assets of the Maryland Housing Fund are not available to satisfy obligations to holders of the bonds. The obligations of the Maryland Housing Fund are limited to the payment of mortgage insurance claims as described in the Official Statement. Questions concerning this release should be directed to CDA Bonds - Investor Relations at (301) 429-7897, or by email at [email protected]. Attachments Appendix A - Official Statement for the Administration’s Residential Revenue Bonds 2021 Series A (Non-AMT). Date: February 26, 2021 NEW ISSUE-BOOK-ENTRY ONLY In the opinion of Bond Counsel, assuming compliance with certain covenants in the 2021 Series A Resolution intended to assure compliance with the applicable provisions of the Internal Revenue Code of 1986, as amended, and subject to the exceptions under “Tax Status and Related Considerations” herein, interest on the 2021 Series A Bonds is excludable from gross income for federal income tax purposes under existing laws, regulations, rulings and judicial decisions. Interest on the 2021 Series A Bonds is not an item of preference for purposes of federal alternative minimum tax imposed on individuals. In the opinion of Bond Counsel, the 2021 Series A Bonds, their transfer, the interest payable thereon and any income derived therefrom, including any profit realized in their sale or exchange, are exempt from taxation of every kind and nature whatsoever by the State of Maryland or by any of its political subdivisions, municipal corporations or public units of any kind under existing law, except that no opinion is expressed as to such exemption from Maryland estate or inheritance taxes. $197,725,000 COMMUNITY DEVELOPMENT ADMINISTRATION MARYLAND DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT Residential Revenue Bonds 2021 Series A (Non-AMT) Dated: Date of Delivery Due: As shown on the inside cover The 2021 Series A Bonds (the “2021 Series A Bonds”) are issuable only as fully registered bonds and initially will be registered in the name of Cede & Co., as registered owner and nominee for The Depository Trust Company, New York, New York (“DTC”), which will act as securities depository for the 2021 Series A Bonds. Purchases of the 2021 Series A Bonds will be in book-entry form only, in principal amounts of $5,000, or any integral multiple thereof. Interest on the 2021 Series A Bonds will be payable on March 1 and September 1 of each year, commencing September 1, 2021, by the Trustee to DTC. DTC is to remit such payments to participating financial organizations for subsequent disbursement to beneficial owners of the 2021 Series A Bonds. The 2021 Series A Bonds are subject to redemption prior to maturity at the times and under the conditions set forth herein. See “THE 2021 SERIES A BONDS” herein. Manufacturers and Traders Trust Company, a New York banking corporation with trust powers and having a corporate trust office in Baltimore, Maryland, is the Trustee. The 2021 Series A Bonds are special obligations of the Community Development Administration (the “Administration”), a unit of the Division of Development Finance of the Maryland Department of Housing and Community Development (the “Department”), payable solely from the revenues and assets of the Administration pledged therefor under the Bond Resolution. The Administration has no taxing power. The 2021 Series A Bonds do not constitute a debt of the State of Maryland, any political subdivision thereof, the Administration or the Department, or a pledge of the faith, credit or taxing power of the State, any such political subdivision, the Administration or the Department. The 2021 Series A Bonds are offered for delivery when, as and if issued, subject to the opinion of Ballard Spahr LLP, Washington, D.C., Bond Counsel, as to the validity of the 2021 Series A Bonds. Certain legal matters will be passed upon for the Administration by an Assistant Attorney General of the State of Maryland and Counsel to the Department. Certain legal matters will be passed upon for the Underwriters by their counsel, Kutak Rock LLP, Atlanta, Georgia. It is expected that the 2021 Series A Bonds will be available for delivery through the facilities of DTC in New York, New York on or about February 25, 2021. J.P. Morgan BofA Securities Morgan Stanley RBC Capital Markets Loop Capital Markets Wells Fargo Securities This cover page contains certain information for quick reference only. It is not a summary of this Official Statement. Investors must read the entire Official Statement to obtain information essential to the making of an informed decision. February 2, 2021 MATURITY SCHEDULE $197,725,000 2021 Series A (Non-AMT) Bonds $68,015,000 Serial Bonds CUSIP CUSIP Due Interest Numbers Due Interest Numbers (March 1) Amount Rate Price 57419T- (September 1) Amount Rate Price 57419T- 2021 $1,050,000 0.100% 100.000% PD7 2022 $2,695,000 0.150% 100.000% PE5 2022 2,695,000 0.200 100.000 PF2 2023 2,700,000 0.200 100.000 PG0 2023 2,705,000 0.250 100.000 PH8 2024 2,705,000 0.300 100.000 PJ4 2024 2,710,000 0.350 100.000 PK1 2025 2,720,000 0.400 100.000 PL9 2025 2,725,000 0.400 100.000 PM7 2026 2,730,000 0.450 100.000 PN5 2026 2,740,000 0.550 100.000 PP0 2027 2,745,000 0.700 100.000 PQ8 2027 2,755,000 0.700 100.000 PR6 2028 2,765,000 0.800 100.000 PS4 2028 2,780,000 0.900 100.000 PT2 2029 2,790,000 1.050 100.000 PU9 2029 2,805,000 1.150 100.000 PV7 2030 2,825,000 1.250 100.000 PW5 2030 2,840,000 1.350 100.000 PX3 2031 2,860,000 1.450 100.000 PY1 2031 2,885,000 1.500 100.000 PZ8 2032 2,910,000 1.550 100.000 QA2 2032 2,935,000 1.600 100.000 QB0 2033 2,960,000 1.650 100.000 QC8 2033 2,985,000 1.700 100.000 QD6 $18,515,000 – 1.800% Term Bonds due September 1, 2036 – Price: 100.000%; CUSIP Number: 57419TQE4 $33,400,000 – 1.950% Term Bonds due September 1, 2041 – Price: 100.000%; CUSIP Number: 57419TQF1 $13,660,000 – 2.000% Term Bonds due September 1, 2043 – Price: 100.000%; CUSIP Number: 57419TQG9 $64,135,000 – 3.000% PAC Term Bonds due September 1, 2051 – Price: 111.352%; CUSIP Number: 57419TQH7 i This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the 2021 Series A Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. The information set forth herein has been furnished by the Administration and by other sources which are believed to be reliable. The Underwriters (as defined under the heading “UNDERWRITING” herein) have provided the following sentence for inclusion in this Official Statement: The Underwriters have reviewed the information in this Official Statement in accordance with, and as part of, its respective responsibilities to investors under the federal securities laws as applied to the facts and circumstances of this transaction, but the Underwriters do not guarantee the accuracy or completeness of such information. No dealer, broker, salesman or other person has been authorized by the Administration or by the Underwriters to give any information or to make any representations, other than those contained in this Official Statement, and, if given or made, such other information or representations must not be relied upon as having been authorized by any of the foregoing. The information and expressions of opinion herein speak only as of the date hereof and are subject to change without notice, and neither the delivery of this Official Statement nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of the Administration since the date hereof.
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