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Health Education and Housing Facilities Board hears TEFRA notice and authorizes up to $12 million for 1 West Side Phase 3B
Summary
The board held a TEFRA hearing and approved a resolution authorizing issuance of multifamily housing revenue bonds not to exceed $12,000,000 for 1 West Side Phase 3B, a 104-unit component of the West Side redevelopment, and heard details on financing, twinning, unit mix and a tentative 2027 construction timeline.
The Health Education and Housing Facilities Board of the City of Chattanooga on Feb. 17 held a TEFRA hearing and approved a resolution authorizing the issuance of multifamily housing revenue bonds not to exceed $12,000,000 for 1 West Side Phase 3B, a mixed-income development designed for low- and moderate-income residents.
Jim Grawley, a partner with Columbia Residential working with the Chattanooga Housing Authority, said the inducement will allow the project team to apply to the Tennessee Housing Development Authority for tax credits and bond allocations needed to build the 104-unit phase. "We're asking for less," Grawley said, explaining a change in federal law that reduced a…
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