WASHINGTON -- The first taxexempt bond deals under HUD's low-income housing preservation program are likely to come to market this fall, housing industry participants said last week.

Paving the way for the first such issue was a $6.3 million taxable bond issue that closed last month, involving a private real estate developer in Mississippi. The underwriter and bond counsel for the issue say it is likely to be used as a model for taxexempt deals in which 501(c)(3) organizations will acquire housing properties under the program.

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