File #: 18-4759    Version: 1 Name: AHF-Timber Ridge, LLC, Atlantic Housing Foundation, Inc., TEFRA Hearing
Type: Public Hearing Status: Public Hearing
File created: 6/4/2018 In control: Attorney’s Office
On agenda: 6/19/2018 Final action:
Title: : TEFRA Hearing - AHF-Timber Ridge, LLC, Atlantic Housing Foundation, Inc.,
Attachments: 1. TEFRA Letter of Request to Board of Commissioners.pdf, 2. AHF Notice Revised, 3. Atlantic Housing Mecklenburg County Resolution(Revised), 4. TEFRA Affidavit.pdf
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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 titled:
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 $ 124,000,000

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 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 $124,000,000 and loan approximately $7,264,000 of the proceeds of the Bonds to the Borrower for the following purposes:
(A) to finance the acquisition of an 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 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 Finance Agency, which would be the North C...

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