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Board ratifies multiple affordable-housing bond actions including 131-townhome Standard Brainerd inducement and West Side Phase 3B ratification
Summary
The board approved a preliminary bond inducement up to $31 million for the Standard Brainerd townhome project and ratified a chair-signed THDA firm-commitment letter for West Side Phase 3B ($12 million); one Kensington item was withdrawn.
The Health Education Housing Facilities Board approved a preliminary inducement of up to $31,000,000 to support Standard Brainerd Venture LP’s proposal for 131 rental townhomes at 7453 East Brainerd Road, and ratified the chair’s execution of a THDA firm-commitment letter for West Side Phase 3B for up to $12,000,000.
Tommy Atley, representing Standard Development Partners, told the board the East Brainerd project will be 131 rental townhomes targeted at roughly 50–60% AMI and that the developer intends to partner with the housing authority for financing and project-based vouchers. Atley said base rents are currently forecast in a range near $900 to $1,500 and that the team plans tenant outreach with the housing authority and local stakeholders rather than relying solely on online listings. "We're also partnering with the housing authority for project-based vouchers," Atley said.
Atley described on-site amenities (community room, fitness center, business center and a small playground), on-site management and a schedule tied to the THDA June 30 application deadline; he said the team hopes for a financial closing by the end of the year although HUD review could extend that timeline. The developer estimated about 5% of units would be mobility accessible and 2% would be accessible for vision/auditory needs.
Board members asked about traffic studies, unit sizing and outreach to returning residents on other projects; Atley said traffic analysis is in progress and that the team plans entrance/road improvements as part of final design. The board approved the preliminary $31,000,000 inducement by voice vote to allow THDA/HUD application steps to proceed.
Separately, the board ratified the chair’s earlier execution of a 2026 multi-family tax-exempt bond authority firm-commitment letter with THDA for West Side Phase 3B in the amount of $12,000,000, and members discussed occupancy timing for earlier West Side phases and commitments to enable return rights for College Hill residents.
An earlier agenda item (Standard Kensington item 7) was withdrawn and not considered. With business concluded the board adjourned.
