texas_department_of_housing_and_community_affairs.pdf
Cedar Rapids Bank to Hold Walzem Bonds Under SOFR Index
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Description
Cedar Rapids Bank and Trust will assume the $20 million Walzem Apartments bond financing under documents modified by TDHCA to swap LIBOR for SOFR as the benchmark rate. The Board’s action ensures the long-term multifamily loan remains viable after LIBOR’s phaseout.
Contract Details
Contract Amount
$20,000,000 (purchase of entire bond issue at conversion)
Vendor
CEDAR RAPIDS BANK & TRUST
Agency
Texas Department of Housing & Community Affairs, TX
Contract Type
FINANCIAL_SERVICES
Document Date
November 6, 2025
Contract Term
Permanent period following conversion (precise maturity not stated)
Renewal Info
Modification agreement updates benchmark index from LIBOR to SOFR for the remaining life of the bond financing; no extension of term.
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APPROVEDIssuing Agency
Texas Department of Housing & Community Affairs
Local Housing Authority
Austin, TX
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