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Council completes TEFRA hearing for developerproposal to rehab 368-unit Creek at 2645; bond inducement to return next month
Summary
SHRA and developer Art House Partners presented a TEFRA hearing for the Creek at 2645 apartments: Art House seeks up to $100 million in tax-exempt conduit bonds to acquire and rehabilitate a 368-unit development with 314 units to be income-restricted at about 80% AMI; staff said a final bond inducement will return next month after SHRA completes due diligence.
The council held a Tax Equity and Fiscal Responsibility Act (TEFRA) hearing for the proposed acquisition and rehabilitation of the Creek at 2645 apartments. SHRA staff explained this will be a two-step bond process and that the agency is comfortable holding the TEFRA hearing now while finishing due diligence and third-party reviews for a final bond inducement in May.
Developer and project details: Art House Partners (developer) said it…
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