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Housing authority board OKs inducement resolution to issue up to $47.5 million in revenue bonds for WoodSpring Apartments redevelopment
Summary
The Housing Authority Board of Directors approved a resolution declaring intent to issue up to $47.5 million of revenue bonds to finance the redevelopment of the WoodSpring Apartments, including reimbursement of pre‑issuance costs and coordination of tax‑credit and lender financing.
The Housing Authority Board of Washington County voted unanimously June 17 to approve an inducement resolution declaring the authority’s intent to issue up to $47.5 million in tax‑exempt revenue bonds to finance the redevelopment of the WoodSpring Apartments.
Deputy Director Jill Chen and Real Estate Division Manager Lisa Varon presented the scope and financing plan for the project, describing the property as an aging 172‑unit complex whose 30‑year affordability covenants expired in 2023. The authority acquired the property and has been operating it under a bridge loan and other interim financing. Staff said their redevelopment plan will replace aging systems, improve accessibility and efficiency, and complete selective interior upgrades. They estimated fewer than 20 units would require major rehab necessitating temporary resident relocation.
Planned financing includes more than $27 million in low‑income housing tax credits, a taxable/purchase arrangement where a lender would purchase the revenue bonds to fund construction, and a permanent loan at completion to pay off the bridge loan. Lisa Varon said the budget includes resident relocation support—temporary lodging, per diems and moving costs—and the county submitted permits and bid documents to allow construction to start in fall, with financial closing and a planned construction start around Sept. 30, 2025.
The inducement resolution will allow the authority to reimburse eligible pre‑development costs from bond proceeds and to establish the eligibility timeline needed for a 4% tax‑credit bond transaction. Staff said the authority will return with a Tefra hearing and formal bond resolutions for final approvals later this summer and early September as financing rounds are finalized.
Board members asked procedural and timeline questions, and Director Roper moved the inducement resolution with Director Snyder providing the second; the motion passed unanimously.
