Bass, Berry & Sims attorney Jay Moneyhun provided insight on the use of tax-exempt bonds that a governmental entity can issue to renovate certain projects. Jay was asked to comment on the proposal by LHP Capital LLC to renovate Frank Callaghan Towers in Oak Ridge, Tennessee, a Section 8 residential apartment complex for low income seniors. LHP is requesting an $11 million bond allocation from the Tennessee Housing Development Authority to acquire and renovate the facility. Jay confirmed that “renovations to low-income housing such as Frank Callaghan Towers can qualify [for] tax exempt bonds.” The city’s Industrial Development Board will need to approve the request before the bonds can be issued.
The full article, “Possible Changes for Callaghan Towers,” was published on January 30, 2019, by The Oak Ridger and is available online.