Board approves housing bond amendments, preliminary approvals and PILOT for Jefferson Street project

The Health and Educational Facilities Board voted to approve several housing and financing items, including an amendment to a health‑care facilities revenue bond for Orchard Foundation LLC, preliminary approvals for two multifamily financing requests intended to preserve qualified census tracts, and a payment‑in‑lieu‑of‑tax (PILOT) final approval for a 66‑unit mixed‑income project on Jefferson Street in North Nashville.

Russ Miller, bond counsel for the Orchard Foundation transaction, said the bond at issue was originally issued in 2011 "and it was about $8,000,000 when it was originally issued"; he told the board the loan has been paid down to about $2,000,000 and the bank has agreed to hold the fixed rate and now will hold the bond to maturity (maturity cited in the discussion as 03/01/2031). The board approved the amendment by voice vote.