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Board approves preliminary resolution to preserve bond authority for RP Brainerd project at East Brainerd Road
Summary
The board approved a preliminary multifamily revenue bond resolution to reserve tax-exempt bond authority (not-to-exceed $25,000,000) for RP Brainerd LP to support an approximate 131-unit affordable development at 7453 East Brainerd Road; the action preserves THDA/LIHTC application eligibility but does not authorize construction.
The Health Education Housing Facilities Board approved a preliminary bond resolution to preserve tax-exempt bond authority for RP Brainerd LP, a project proposed for 7453 East Brainerd Road.
Jay Moneyhine, serving as bond counsel, told the board Brainerd is currently slated for "approximately a 131 units" and that the resolution would allow RP Communities to apply to the Tennessee Housing Development Agency for tax-exempt bond authority and low-income housing tax credits before the August 10 filing deadline. Moneyhine emphasized this is a preliminary step to "preserve the fair cloth vouchers potentially for these projects," not a final financing approval.
Board members asked about income targeting and traffic studies. Counsel explained federal rules for tax-exempt bonds require a minimum 40% of units at 60% of AMI or lower and that many projects pursue deeper set-asides to score with THDA. Developers said Brainerd has had traffic studies and that any final financing and construction would return to the board for formal approvals.
