TITLE
Title
HOLD PUBLIC HEARING AND CONSIDER ADOPTION OF AMENDED RESOLUTION APPROVING FINANCING OF ACQUIRING CERTAIN MULITI-FAMILY AFFORDABLE HOUSING FACILITIES (AHF-BRENTWOOD CROSSING, LLC) WITH THE PROCEEDS OF NOT TO EXCEED $124 MILLION IN MULTI-FAMILY HOUSING REVENUE BONDS TO BE ISSUED BY THE PUBLIC FINANCE AUTHORITY OF WISCONSIN
end
SPONSOR
Sponsor
Jeffrey Pooley Esq.,
end
BACKGROUND
Background
During the Board's Commissioner's May 3, 2018 Board the County held a public hearing and and subsequently approved a resolution relating to tax-exempt bonds to purchase and redevelop low-income housing development located in High Point (Brentwood Crossing Apartments) in the amount of 22Million. Subsequent to that approval, the financing structure to acquire the developments was amended by Freddie Mac and the portion of the financing that was a direct loan was transitioned to the issuance of additional tax-exempt bonds. Therefore, the bond transaction was "upsized" and federal tax law requires a new public hearing/approval regarding the increased bond amount. As result of the expedited time frame we have asked that this item be added to the Board's June 21st Agenda. While the agenda item was not able to be submitted in time for inclusion in the Board's regular packet, proper notice of the public hearing was timely posted in the High Point Enterprise on June 7.
The Bonds will be limited obligations of the Authority payable solely from the loan repayment to be made by the Borrower to the Authority,
and certain funds and accounts established by the bond indenture for the Bonds.
end
BUDGET IMPACT
Budget Impact
NO COUNTY DOLLARS REQUIRED AND NO COUNTY LIABILITY
end
RESOLUTION
...Resolution
A RESOLUTION
REGARDING THE ISSUANCE BY THE PUBLIC FINANCE AUTHORITY OF ITS MULTIFAMILY HOUSING REVENUE BONDS, IN ONE OR MORE SERIES, IN THE PRINCIPAL AMOUNT OF NOT EXCEEDING $124,000,000, FOR THE PURPOSE OF DEFRAYING THE COSTS OF ACQUIRING CERTAIN MULTI-FAMILY AF...
Click here for full text