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Presentation, discussion and possible action on Resolution No. 24-013 regarding an issuance of a Multifamily Housing Revenue Refunding Note Series 2024 for FishPond at Corpus Christi Apartments.
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RECOMMENDED ACTION
recommendation
WHEREAS, the Multifamily Housing Revenue Bonds (FishPond at Corpus Christi Apartments) Series 2020 were originally issued by the Department on November 4, 2020, in the amount of $10,000,000;
WHEREAS, the financing structure, as approved by the Board on September 3, 2020, contemplated a possible reissuance of the Bonds at the time of conversion to the permanent phase;
WHEREAS, reissuance of the Bonds requires an extension of the development period of the senior debt, and the Department's development period associated with the TCAP RF loan is being requested to be extended; and
WHEREAS, Board approval is necessary, under state law and federal law, in order to refund, or essentially retire, the original bonds and issue new bonds prior to the anticipated Mandatory Tender Date of June 1, 2024, and to extend the development period;
NOW, therefore, it is hereby
RESOLVED, that issuance of the Multifamily Housing Revenue Refunding Note Series 2024 for FishPond at Corpus Christi Apartments and an extension of the development period associated with the TCAP RF loan is hereby approved in the form presented to this meeting; and
FURTHER RESOLVED, that if approved, staff is authorized, empowered, and directed, for and on behalf of the Department to execute such documents, instruments and writings and perform such acts and deeds as may be necessary to effectuate the foregoing.
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BACKGROUND
FishPond at Corpus Christi Apartments comprised the new construction of two buildings with 112 units for the elderly population. The applicant purchased an existing 111-unit building that was built in 1928, located approximately one mile north of the development site. The existing building originally served as a hospital and was converted t...
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