MORTGAGE REVENUE BOND - MRB
Financing source for home mortgages, which assists low and moderate income homebuyers for the first time by giving long-term mortgages below market rates. A state can release mortgage revenue bonds, which is a tax-exempt bond, to investors. The borrowers then use the process to invest in the its MRB home loan program.
To be eligible, potential home buyers must have an earning below the indicated threshold levels for annual income and must be qualified for a mortgage from a traditional lender. Many mortgages funded by MRBs came from the Federal Housing Administration (FHA), Freddie Mac, and Fannie Mae.
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