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Kutak Rock is Bond Counsel on $325 Million Chicago Housing Authority Issuance

News - Press Release | October 1, 2018


Kutak Rock attorneys recently served as bond counsel to the Chicago Housing Authority (CHA) in connection with a $325 million financing to complete its capital program. The deal includes a tax-exempt A series for $100 million and a $225 million taxable B series. The bonds carry AA-minus ratings from S&P Global Ratings and Fitch Ratings and will mature in 2038.

The federal government took over the CHA in 1996, but returned it to city control in 2000 with a “Plan for Transformation” to demolish high-rise developments associated with crime, rehabilitate senior facilities and construct new mixed-income/mixed-finance developments. The CHA expects to reach its goal of 25,000 new or redeveloped units by the end of the year.

Kutak Rock has a longstanding relationship with the CHA. In 2001 the firm served as issuer’s counsel to CHA in a first of its kind transaction in which bonds secured solely by future HUD public housing grants were sold to fund the rehabilitation of senior public housing units in the CHA system. The firm served as bond counsel for multifamily financings of CHA in 2005, 2015 and 2017.

Kutak Rock bond lawyers who served as bond counsel in connection with the transaction included Jeffrey Blumenfeld, Sisera Daniel, Matthias Edrich and Lance Tyson.