The Albany Housing Authority Board of Commissioners held a special meeting Wednesday to discuss issuing bonds valued at a maximum of $5 million for Bethel Housing Complex Rehabilitation.
Bethel Housing Complex is a 98 unit residential facility with reconstruction of the entire facility expected to cost $7.5 million.
The Albany Housing Authority will issue a maximum of $5 million in bonds under an inducement resolution. Under this agreement, the bonds will be used for construction financing and paid back by tax credit investment equity accumulated by Bethel Housing Complex.
The inducement resolution proposed in 2013 did not go through because the developer could not make the proper arrangements. This year the resolution with be constructed with a company called Affordable Housing America Inc.
The inducement resolution was approved during this meeting and bonds are agreed to not to exceed $5 million.
The next step will be city approval, through a court hearing, for the distribution of these funds.
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