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Commissioners approve $37 million tax-exempt bonds for Wilkes Villa housing conversion
Summary
The Lorain County Board of Commissioners voted to approve a request that enables the Lorain County Metropolitan Housing Authority to issue up to $37,000,000 in tax-exempt revenue bonds to finance acquisition and rehabilitation of a 174-unit Wilkes Villa multifamily conversion.
Lorain County commissioners voted unanimously Sept. 23 to approve a request that allows the Lorain County Metropolitan Housing Authority to secure up to $37,000,000 in tax-exempt revenue bonds to support the acquisition and rehabilitation of a 174-unit Wilkes Villa family housing project.
The item was presented by representatives of the housing authority, who said the project will convert public housing to a multifamily model using federal 4% low-income housing tax credits, HUD financing and private equity. Connie, identified in the meeting as the housing authority's chief…
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