Ohio Housing Finance Agency Revenue Bonds

We are pleased to offer Fidelity investors the opportunity to participate in the Ohio Housing Finance Agency Revenue's upcoming $150 million offering.1

Ohio Housing Finance Agency (the "OHFA") is expected to come to market with $150 million1 Residential Mortgage Revenue Bonds, 2019 Series B (the "Bonds").

The Bonds are being issued by Ohio Housing Finance Agency to (i) finance the origination and purchase of mortgage loans that are used to finance the purchase of owner-occupied (one-to-four unit) residences located in the State of Ohio by qualified low- and moderate-income persons, and (ii) pay costs of issuance of, including underwriters' compensation for, the Bonds. See the Preliminary Official Statement for more details.

The Bonds are limited obligations of OHFA and are payable solely out of certain revenues and assets of OHFA pledged under the Trust Indenture. The Bonds are equally and ratably secured on a parity basis with any existing and future Residential Mortgage Revenue Bonds issued by OHFA. The Bonds do not constitute a debt, or the pledge of the faith and credit, of the State of Ohio or of any political subdivision thereof, and the holders or owners of the Bonds have no right to have taxes levied by the General Assembly of Ohio or by the taxing authority of any political subdivision for the payment of the principal of or interest on the Bonds. The Bonds are not a debt of the United States of America or of Government National Mortgage Association, Federal National Mortgage Association or Federal Home Loan Mortgage Corporation, and are not guaranteed by the full faith and credit of the United States of America.

The bonds are expected to be rated AAA by Moody's.2

Housing bonds are securities backed by mortgages and mortgage loan repayments. Although not reflected as part of a traditional "call schedule," these bonds can be called at any time from the prepayment of principal on the housing authority's underlying mortgages, and therefore display as continuously callable and subject to extraordinary redemption (ER) provisions.

The bonds are subject to optional and mandatory sinking fund redemption prior to maturity as described in the Preliminary Official Statement.

Key benefits

The bond sale offers attractive benefits to individual investors, including prices and yields that match those available to institutional investors and the potential for stable income through the call dates. Ohio residents enjoy state tax-exemption on the bond coupon payments.

How to place an order

The offering is expected to price the week of June 24, 20191 although market conditions and/or the discretion of the issuer may alter the anticipated timeline. Individual investors can place orders online or by calling a Fidelity representative at 800-544-5372. To stay up-to-date on pricing, credit rating changes, and more, please sign up for Fidelity Alerts and see our Municipal Bond New Issue Offerings.

Additional resources

Municipal Bonds
Review the risks and benefits of investing in municipal bonds.

Municipal Bonds: Understanding Credit Risk (PDF)
Learn more about assessing credit risks when purchasing municipal bonds in this SEC investor bulletin.

Investing in a volatile bond market
Get the latest insights on the bond market, outlook for future rates, and investment strategies from Fidelity Viewpoints®.

MSRB - Risks and opportunities of interest rate movements
Read about the impact of market interest rate movement on municipal bond prices and yields from the MSRB Education Center.