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Chapman and Cutler LLP’s Public Housing Group has worked closely with rating agencies, bond insurers, HUD, underwriters and public housing authorities nationwide to spearhead the development of the national market for public housing authority capital fund revenue bonds.

First Publicly Offered Securitization

Chapman and Cutler acted as bond counsel for the issuance by the Chicago Housing Authority of its $291 million Capital Fund Program Revenue Bonds, Series 2001. This was the first publicly offered securitization of HUD capital funds by a public housing authority in the United States. That transaction established the protocol by which future HUD capital fund securitizations are approved by HUD and the rating agencies. Because of its innovative structure, the transaction was named the Bond Buyer’s Deal of the Year in the United States in 2002.

First Pooled Securitization

The firm acted as disclosure counsel for the issuance by 37 public housing authorities of approximately $124,000,000 Capital Fund Program Revenue Bonds in 2003. This transaction was the first pooled HUD capital fund bond issue completed in the United States. In addition to the usual disclosure counsel role of preparing the documentation being used to offer the bonds to investors, we were also primarily responsible for structuring the documents for the transaction and interfacing with HUD and the rating agencies-vis-´a-vis the bond documents. The transaction was named the Bond Buyer’s Southeastern Deal of the Year in 2003.


In total, Chapman and Cutler has been retained as bond counsel, underwriter’s counsel or disclosure counsel in connection with the issuance of capital fund revenue bonds by or for 60 public housing authorities nationwide, aggregating approximately $500 million.

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