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Board approves $18 million in bonds and pilot agreements for Eastwood Manor rehab
Summary
The board approved final bond issuance documents for Eastwood Manor Apartments totaling up to $18 million, and approved associated pilot and payment-in-lieu agreements; developer said the $8.1 million rehab will be 100% Section 8 and includes new systems and community upgrades.
The Health, Educational and Housing Facilities Board approved a resolution authorizing the issuance of multifamily housing revenue bonds in an aggregate principal amount not to exceed $18,000,000 for Eastwood Manor Apartments and separately approved a pilot agreement and a payment-in-lieu-of-taxes (PILOT) transaction for the project.
Deedra Burrows of AAMCI Development told the board the Eastwood Manor rehab will include security systems, roofs, a gazebo and pergola, renovated community and laundry facilities, new flooring, plumbing and electrical updates and new…
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