NEW YORK, Nov. 18 /PRNewswire/ -- Virginia Housing Development Authority ("VHDA") invited beneficial owners to offer to sell to VHDA for cash, upon the terms and subject to the conditions set forth in the Invitation dated October 16, 2009, as amended (the "Invitation"), certain of its Commonwealth Mortgage Bonds (the "Bonds").

Subject to the terms and conditions of the Invitation, VHDA has decided to accept for purchase Bonds of the series, subseries (if any) and maturities set forth on the website of the Information Agent (www.dfking.com/vhda), at the Purchase Prices and in the aggregate principal amounts set forth therein. As a result of changes in market conditions, certain of the final Purchase Prices are less than the expected Purchase Prices that were announced on November 16, 2009 in connection with the subsequent offer period. Also, as a result of changes in market conditions, certain Bonds listed with expected Purchase Prices on November 16, 2009 in connection with the subsequent offer period do not appear in the Announcement of Final Results and will not be accepted by VHDA. VHDA expects to deposit with DTC the amounts necessary to purchase such Bonds on November 25, 2009.

This announcement is made upon the terms and subject to the conditions set forth in the Invitation. Copies of the Invitation can be obtained from D.F. King & Co., Inc., the Depositary and Information Agent, toll free at (800) 967-4612 and at www.dfking.com/vhda.

Barclays Capital is the Dealer Manager for the offer. Questions concerning the terms of the offer may be directed to Barclays Capital toll-free at (800) 438-3242 or collect at (212) 528-7581.

This news release is neither an offer to purchase nor a solicitation of an offer to sell Bonds. The offer is made solely by VHDA's Invitation. The offer is not being made to holders in any jurisdiction in which the making or acceptance thereof would not be in compliance with the Bonds, blue sky or other laws of such jurisdiction. In any jurisdiction in which the offer is required to be made by a licensed broker or dealer, it shall be deemed to be made on behalf of VHDA by the Dealer Manager.

Neither VHDA, the Dealer Manager, or the Depositary and Information Agent makes any recommendation as to whether or not holders should sell Bonds pursuant to the Invitation, and no one has been authorized by any of them to make such a recommendation.

SOURCE Virginia Housing Development Authority

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http://www.dfking.com/vhda