Boulder Housing Partners (BHP), CO

Broadway East and West Communities

Location:

3120 Broadway, Boulder, CO

Description of Scope:

Comprehensive financial advisory services for disposition and rehabilitation of public housing units (Broadway East) and for development of affordable rental housing adjacent to the former public housing on land previously used by BHP as its administrative offices (Broadway West).

Client:

BHP is the Housing Authority of the City of Boulder and oversees a total of 1,538 units and housing choice vouchers. These units are managed in two separate portfolios, 505 public housing or project-based voucher units and 409 non-HUD affordable housing units.

Project Description:

Broadway East included disposition and substantial rehabilitation of 44 public housing units owned and operated by BHP by means of a 4% LIHTC and Private Activity Bond (PAB) financing using project-based Section 8 vouchers to ensure that the rehabbed units remained available for 30% and below AMI families. Broadway West was redeveloped on adjacent land also released from the public housing ACC. The new development consists of 26 units for families in the 40% and 50% AMI category and used competitive 9% low income housing tax credits and taxable commercial financing.

Services Performed:

Broadway East services included assisting in the disposition application and process of obtaining relocation vouchers, preparation of the plan of finance using 4% LIHTC and PAB, solicitation of equity and debt partners, negotiation of terms and conditions, sale of the variable rate demand bonds through negotiated sale and negotiation of an interest rate swap with the letter of credit provider. Broadway West services included development of a plan of finance, preparation of the competitive 9% LIHTC application and carryover, solicitation for debt and equity partners, negotiation of terms and conditions of the financing, and oversight of financial close.