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Board issues preliminary inducement for $30 million bond for DGA Hamilton Place, developer says project will be 100% affordable
Summary
The board approved a preliminary bond resolution for DGA Hamilton Place LP to seek up to $30 million for a conceptual 96-unit affordable project; developer and bond counsel described AMI targeting (weighted average 60% AMI, with at least 40% of units at 60% AMI or below).
The Health Education Housing Facilities Board approved a preliminary inducement allowing DGA Hamilton Place LP to pursue tax-exempt bond allocation and low-income housing tax credits for a conceptual 96-unit affordable housing development on Elom Road.
Developer representative Rob Talbot said the project is still conceptual and currently contemplates roughly 96 units, an even split of two- and three-bedroom units in a garden-style, three-story building. Bond counsel noted bond program rules require a weighted average at or below 60% AMI and at least 40% of units at 60% AMI or below; the developer said the project's average income will be no higher than 60% AMI, with remaining units allowed up to 80% AMI under bond constraints.
Joe Kelly of the Chattanooga Housing Authority reiterated the voucher coordination work and the need to act now because of HUD guidance and THDA timing similar to other projects on the agenda. After questions about unit mix and delivery timing, the board approved the preliminary resolution by voice vote to allow the developer to move forward with THDA and LIHTC applications.
