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Woodbury HRA approves conduit revenue bonds for two affordable housing projects
Summary
The Woodbury Housing and Redevelopment Authority on April 16 approved two conduit revenue bond issuances — $22,250,000 for Reserve at Settlers Ridge phase 2 and $55,000,000 for Meadows at Prairie Ridge — that enable tax-credit financing; the HRA and city are not liable for repayment.
The Woodbury Housing and Redevelopment Authority on April 16 adopted two resolutions authorizing conduit multifamily housing revenue obligations to finance two affordable rental developments, the HRA’s staff said.
Jamie Fritz, senior HRA staff, told commissioners the board was being asked to approve issuance of $22,250,000 in tax-exempt conduit revenue bonds for Reserve at Settlers Ridge phase 2 and a separate financing package totaling $55,000,000 (part tax-exempt, part taxable) for Meadows at Prairie Ridge. Fritz said because the bonds are conduit obligations “the city and the HRA are not liable for the repayment of the proceeds of the bonds.”
Why it matters: both approvals clear a key financing step that developers need to combine tax-exempt bonding with low-income housing tax credits and other equity. HRA staff and outside counsel explained the projects competed for limited state volume cap and for federal tax-credit incentives tied in part…
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