Snapshot of the 2016 Bond Application Process

 

Introduction

The Health, Educational and Housing Facility Board of the City of Memphis, Tennessee (hereinafter the “Board” or “Issuer”), is a public corporation authorized by the laws of the State of Tennessee to issue tax-exempt revenue bonds and to use other financing vehicles for the development of multifamily housing facilities to be occupied by persons of low and/or moderate income, and/or elderly, and/or handicapped persons as may be determined by the Board.  Multifamily housing facilities eligible for financing by the Board include both new construction and rehabilitation projects.

 

Program Boundaries

The purpose of the Board is to encourage the development of additional safe, appropriate, and sanitary multifamily housing facilities for qualified citizens of the city of Memphis, but the Board may, under proper circumstances, extend financing to projects outside the Memphis city limits.

 

Basic Eligibility Requirements

Each Applicant must complete and file with the Board, at least twenty (20) days prior to the regular or special meeting for consideration of such applications, an original Project Application for Financing of Multifamily Development in the form provided in office.  [Prior to submission of the Project Application, it is recommended that the Developer have tentatively selected the investment banking firm he will use as underwriter, and determined whether he will require some sort of credit enhancement through a guarantor, and, if so, who that guarantor might be.]  All Applications will be reviewed by representatives of the Board and the City Government, and will be forwarded to these persons and to the Board prior to formal consideration.