Title:
TEFRA Hearing - AHF-Timber Ridge, LLC, Atlantic Housing Foundation, Inc.
Summary
ACTION:
1. Open TEFRA public hearing and receive comments on the proposed financing by AHF-Timber Ridge, LLC, Atlantic Housing Foundation, Inc.
2. Close public hearing and adopt resolution entitled: Resolution of the Board of Commissioners of the County of Mecklenburg, North Carolina, Approving The Issuance By The Public Finance Authority Of Its Multifamily Housing Revenue Bonds (AHF Southeast Portfolio Acquisition), In An Aggregate Principal Amount Not To Exceed $22,000,000
Staff Contact: Tyrone C. Wade, County Attorney
Presentation: No
BACKGROUND/JUSTIFICATION:
As more fully explained in the attached Resolution, AHF-Timber Ridge, LLC, a Delaware limited liability company, of which Atlantic Housing Foundation, Inc., a South Carolina non-profit corporation and organization, described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended ("the Code”), is the sole member (collectively, “Borrower”) has requested that the Public Finance Authority, a public authority existing under the laws of the State of Wisconsin (the “Authority”), issue its Multifamily Housing Revenue bonds (AHF Southeast Portfolio Acquisition), in one or more series ("the Bonds") , in an aggregate principal amount not to exceed $22,000,000, and loan approximately $944,000 of the proceeds of the Bonds to the Borrower for the following purposes:
(A) to refinance the acquisition of a 101-unit, multi family affordable housing development known as Timber Ridge Apartments located at 7123 Barrington Drive, Charlotte, North Carolina 28215
("the project"); and
(B) pay certain expenses incurred in connection with the authorization and the issuance of the Bonds.
AHF-Timber Ridge, LLC is using the Wisconsin Public Finance Authority as the issuer of the Bonds because of a desire to have a 30 year maturity on the debt; the North Carolina Capital Facilities Fi...
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