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08/23/2022

Public Hearing - Benefit of Calvin Court, LP

Public Hearing Notice

NOTICE OF PUBLIC HEARING ON PROPOSED

REVENUE BONDS TO BE ISSUED BY

THE HOUSING AUTHORITY OF THE CITY OF DECATUR, GEORGIA

FOR THE BENEFIT OF PHG CALVIN COURT, LP

 

Notice is hereby given, pursuant to IRS Rev. Proc. 2022-20, that on August 31, 2022 at 10:00 a.m., a toll free, telephonic public hearing will be held on behalf of the Housing Authority of the City of Decatur, Georgia (the "Authority") by calling (833) 874-0551 concerning the proposed issuance of revenue bonds (the "Bonds") by the Authority in an aggregate principal amount not to exceed $35,000,000, for the purpose of assisting PHG Calvin Court, LP, a Georgia limited partnership (hereinafter referred to as the "Borrower"), with the acquisition, rehabilitation and equipping of an existing 237-unit multifamily housing project for seniors known as Calvin Court, located on an approximately 1.81+/- acre site at 479 East Paces Ferry Road NE, Atlanta, Georgia 30305 (the "Project"). 

The hearing will be held before Douglas S. Faust, Executive Director of the Authority, as designated hearing officer, or his designee, and may be continued or adjourned.

The Bonds are the limited obligation of the Authority and do not constitute a general obligation of the State of Georgia (the "State"), the City of Decatur, Georgia, the City of Atlanta, Georgia, the Authority or any political subdivision of the State, nor are the Bonds payable in any manner by taxation, but are payable solely from the payments made by the Borrower, pursuant to an agreement between the Authority and the Borrower, which are pledged to the payment of the Bonds.  The issuance of the Bonds will be in furtherance of the public purpose of the Authority.  The Authority has no taxing power.

Further information regarding the proposed Bonds and the Project to be financed are of public record in the office of the Housing Authority of the City of Decatur, Georgia at 750 Commerce Drive, Suite 400, Decatur, Georgia 30030, Attn: Executive Director.

Any interested party having views on the proposed issuance of the Bonds or the nature or location of the proposed project may be heard at such public hearing.

 

Douglas S. Faust Designated Hearing Officer or Designee

 

Calvin Court

479 East Paces Ferry Road NE, Atlanta, GA 30305

Calvin Courts

Units:   237 Units for Senior Affordable Housing

Construction Type: Acquisition/Renovation

Tax-Exempt Bond Amount: ~$32 million

Total Development Costs: ~$60 million

Financing: HUD 221(d)(4), Federal and State LIHTCs

Ownership: Presbyterian Homes of Georgia

Developer: Hallmark Development Partners, LLC & SCG Development Partners

Property Manager: Presbyterian Homes of Georgia/Hallmark Companies

Architect: Studio 8 Design

Contractor: Lecesse Construction

HUD Lender: Hampden Park

Anticipated Financial Closing: Q2 2023

Construction Period: 18 months

 

Project Name: Calvin Court

Owner Legal Name: Calvin Court, Atlanta, Inc.

Sponsor Entity: Presbyterian Homes of Georgia, Inc. (a nonprofit)

Project Number: 061‐SH007

Address: 479 East Paces Ferry Rd NE, Atlanta, GA 30305

Date Built: 1970

Total Units: 237 units which includes:

  • 92 existing Section 8 units (53 studios, 39 one bedrooms) The owner plans to commission a rent comparability study and terminate and renew this existing HAP contract under Option 1b Mark Up to Market of the Section 8 Renewal Guide for a 20‐year term.
  • 145 currently unassisted units (63 studios, 81 one bedrooms). This number includes 4 Housing Choice Vouchers (HCVs) in use in one‐bedroom units at the property that would not be impacted by this new PBV HAP Contract as these are currently administered by Atlanta Housing. Approximately 130 families are expected to be eligible for a new Project Based Voucher (PBV) under Notice H 2018-02.

Estimated closing date: June 2023

 

Project Summary

 

The Housing Authority of the City of Decatur, Georgia (Decatur Housing Authority or DHA) was contacted by the US Department of Housing and Urban Development (HUD) to request that DHA administer Project Based Vouchers for two projects.  The first property is Philips Tower and is located at 218 E Trinity Pl., Decatur, GA 30030, within DHA's jurisdictional area.  Calvin Court is located at 479 East Paces Ferry Rd NE, Atlanta, GA 30305, which is in Fulton County and the City of Atlanta.  DHA was advised by HUD that Atlanta Housing had declined to participate with Project Based Vouchers for Calvin Court that would be administered in accordance with HUD Notice 2018-02.  HUD needed a PHA to undertake this Affordable Housing Preservation for approximately 140 senior residents to assure rental affordability.  Substantial rehabilitation is needed for both properties to preserve the long-term viability of the properties.  The proposed developer is seeking a combined tax-exempt bond issuance (and low-income housing tax credits) to substantially reduce the cost of issuance that will result in greater rehabilitation funds for the properties. 

 

Previous approvals have been issued, including Resolution REG-5 of the Housing Authority of the City of Atlanta, Georgia (AH) allowing Decatur Housing Authority to operate with AH's jurisdictional area, and Resolution 21-R-3614 by the Atlanta City Council authorizing Decatur Housing Authority to issue revenue bonds for the rehabilitation.

 

Decatur Housing Authority is now seeking to move forward with TEFRA hearings and bond issuance.

 

Media Kit