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Council approves Lubbock Housing Finance Corp. request for tax‑exempt conduit bonds for Hillcrest Manor
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Summary
The council held a public hearing and approved a Lubbock Housing Finance Corporation request to issue up to $25 million in tax‑exempt multifamily housing revenue bonds for rehabilitation of Hillcrest Manor apartments; city clarified debts are conduit and not city‑backed.
The City Council held a public hearing and unanimously approved a request by the Lubbock Housing Finance Corporation to issue one or more series of tax‑exempt multifamily housing revenue bonds in an amount up to $25,000,000 for the benefit of E.C. Hillcrest Manor LLC. The bonds would finance acquisition, rehabilitation and equipping of approximately 220 rental units at 1102 North Memphis Avenue known as Hillcrest Manor Apartments.
Chief Financial Officer Joe Jimenez summarized that this is conduit financing: the city is not issuing bonds on its own behalf and the debt would not be recorded or secured by the city. Sherry from the Lubbock Housing Finance Corporation was available as staff noted; no public speakers appeared at the hearing. Following the public hearing, council adopted the resolution approving the Lubbock Housing Finance Corporation’s request.
The council vote does not obligate the city’s general fund or credit; staff clarified the bonds are private conduit debt and would not attach to the city’s books or backing. Council took the action recommended in the staff packet by unanimous vote.
