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Board approves $20 million in revenue bonds for 1 West Side Phase 2B
Summary
The Health Education Housing Facilities Board approved a final resolution authorizing up to $20 million in multifamily housing revenue bonds to finance 1 West Side Phase 2B, part of the Choice Neighborhoods redevelopment of College Hill Courts.
The Health Education Housing Facilities Board of the City of Chattanooga on Sept. 15 approved a final resolution authorizing issuance of up to $20,000,000 in multifamily housing revenue bonds for the 1 West Side Phase 2B project, part of the Choice Neighborhoods redevelopment of College Hill Courts.
The resolution cleared the board after a presentation by Columbia Residential representatives who said the project has secured bond and tax credit allocations and must close the bonds within 120 days of allocation — a deadline the presenters said requires closing by Oct. 15. Phil Lynn Brawley of Columbia Residential and Betsy McRae, the sponsor and borrower representatives, described the site plan, unit mix and phasing during the board meeting. Attorney Joe Kelly, who represents project partners, also answered board questions about timing…
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