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Board approves up to $15 million in bonds for Overlook Apartments renovation
Summary
The Health, Educational and Housing Facilities Board approved a resolution authorizing the issuance of up to $15 million in multifamily housing revenue bonds for Overlook Apartments at 1201 Boynton Drive; developer says no permanent displacement and a November bond closing is contemplated.
The Health, Educational and Housing Facilities Board of the City of Chattanooga voted to approve a resolution authorizing the issuance, sale and delivery of up to $15,000,000 in multifamily housing revenue bonds for Overlook Apartments, a 162-unit property at 1201 Boynton Drive.
The vote, taken by voice, was recorded as in favor with no members indicating opposition. The resolution authorizes the board to approve the documents and instruments necessary for the bond issuance in one or more series.
The project developer, Zain Mahmood of Pads Development (the affordable-housing development arm identified in the meeting as affiliated with Nuveen Real Estate), told the board the property received a Low-Income Housing Tax Credit (LIHTC)…
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