TEFRA Hearing - Multifamily Rental Housing Revenue Bonds for Palmetto Terrace Apartments
NOTICE OF TELEPHONIC PUBLIC HEARING
TEFRA Hearing for Issuance of Multifamily Rental Housing Revenue Bonds for the Palmetto Terrace Apartments
- Property: Palmetto Terrace Apartments
- Date: Thursday, March 4, 2021
- Time: 9:00 am
- Call In Access: 1-888-529-1884 using access code: 803 540 7804.
NOTICE IS HEREBY GIVEN that a public hearing will be held by the Housing Authority of the City of Columbia, South Carolina (the "Issuer"), on March 4, 2021, at 9:00 a.m., or as soon thereafter as the matter can be heard, and will be held telephonically by the Issuer, in connection with the issuance by the Issuer of its Multifamily Rental Housing Revenue Bonds (Palmetto Terrace Apartments Project) (the "Bonds"), in one or more tax-exempt and/or taxable series, as part of a plan of financing in an aggregate principal amount not to exceed $7,600,000. The Bonds will be an issue of "exempt facility bonds" issued to finance a "qualified residential rental project" as defined in Section 142(a)(7) of the Internal Revenue Code of 1986, as amended (the "Code").
Principal User of Bonds and Project. The proceeds of such Bonds, when and if issued, will be loaned by the Issuer to Palmetto Terrace Redevelopment, LLC (the "Company"). The Issuer will issue the Bonds under one or more Trust Indentures (the "Indenture") between the Issuer and U.S. Bank National Association (the "Trustee") and will use the proceeds of the Bonds to provide funds to a financial institution or institutions (the "Lender") to fund a mortgage loan or loans (the "Mortgage Loan") to the Company, to finance the acquisition, rehabilitation, furnishing and equipping of Palmetto Terrace Apartments, a 112-unit affordable rental housing community located at 3021 Howell Court, Columbia, South Carolina 29203 in Richland County, South Carolina, and the substantial rehabilitation, furnishing and equipping thereof (the "Project"); to be owned by the Company.
Limited Obligation. The Bonds will be payable by the Issuer solely and exclusively out of payments to be made by the Company and the Trust Estate pledged to the Trustee under the Indenture. The Bonds will not constitute an indebtedness of the Issuer, the State of South Carolina, or any political subdivision thereof within the meaning of any South Carolina constitutional provision or statutory limitation nor give rise to a pecuniary liability of the Issuer, the State of South Carolina, or any political subdivision thereof. The Bonds will not constitute a charge against the general credit or taxing powers of the Issuer, the State of South Carolina, or any political subdivision thereof. The Issuer has no taxing authority.
Teleconference Only. Due to the COVID-19 public health emergency, pursuant to Internal Revenue Service Rev. Proc. 2020-21 as extended by Rev. Proc. 2020-49, the Public Hearing will be conducted by the Issuer telephonically and the public will not be able to attend in person. However, all persons who wish to provide comments or listen to the public hearing may join by calling toll-free at 1-888-529-1884 using access code: 803 540 7804. Members of the public may submit oral or written comments to the Issuer to express their views for or against the proposed issuance of the Bonds or the location and nature of the Project. Those who present comments during the Public Hearing will be permitted to address the Issuer regarding the Project or the Bonds for no more than five (5) minutes. Members of the public may also submit views to the Issuer in writing via mail to Lucinda Herrera, Senior Vice President of Development, Housing Authority of the City of Columbia, South Carolina, 1917 Harden Street, Columbia, South Carolina 29204 or via email to email@example.com. The Issuer will not prepare a transcript of the public hearing.
HOUSING AUTHORITY OF THE
CITY OF COLUMBIA, SOUTH CAROLINA
Follow Us At
Please visit our website at ColumbiaHousingsc.org for more information about Columbia Housing!