We represented Knoxville’s Community Development Corporation (KCDC) in connection with its $67 million financing for the development of a 161-unit multifamily affordable housing complex in Knoxville, Tennessee. The project used a novel mix of financing sources, including Low Income Housing Tax Credits, tax-exempt bonds, Tennessee Community Investment Tax Credit financing, and HUD’s Section 202 Capital Advance Upon Completion program. This development was one of the first in the nation to combine these funding sources.
$67 Million Financing for Knoxville Affordable Housing Development
$67 Million Financing for Knoxville Affordable Housing Development
We represented Knoxville’s Community Development Corporation (KCDC) in connection with its $67 million financing for the development of a 161-unit multifamily affordable housing complex in Knoxville, Tennessee. The project used a novel mix of financing sources, including Low Income Housing Tax Credits, tax-exempt bonds, Tennessee Community Investment Tax Credit financing, and HUD’s Section 202 Capital Advance Upon Completion program. This development was one of the first in the nation to combine these funding sources.