Kutak Rock is Bond Counsel to Boulder Housing Partners' "Project Renovate"News | October 2, 2015
Kutak Rock served as bond counsel to Boulder Housing Partners (BHP) in the tax-exempt financing of the renovation of 279 of its public housing units. The Kutak Rock team, led by John Henry, John Bales and Fred Marienthal of the Denver office, and Jack McGill of the Omaha office, assisted in closing the $45.7 million financing.
BHP's "Project Renovate” is being financed through a combination of 4% Low-Income Housing Tax Credits and Private Activity Bonds issued by BHP. BHP will contribute additional funds via seller financing for the acquisition of the properties by its affiliate based on the value of the land and buildings in the transaction. Deep affordability for all residents will be preserved through new, project-based Section 8 contracts. Project Renovate assures that 279 public housing units remain vibrant and viable for the long-term use of Boulder households. BHP is one of a select group of public housing authorities approved by the U.S. Department of Housing and Urban Development to recapitalize its public housing properties. By gaining local control of the properties, BHP can ensure quality affordable housing for Boulder’s most at-risk citizens in perpetuity.