09/21/2021

Public Hearing - Issuance of Bonds - Wednesday September 29th

Proposed issuance by the Housing Authority of its Multifamily Housing Revenue Notes or Bonds (Spanish Trace Apartments)

Notice is hereby given by the Beaufort Housing Authority (the "Housing Authority") to all interested persons that a public hearing will be held regarding the proposed issuance by the Housing Authority of its Multifamily Housing Revenue Notes or Bonds (Spanish Trace Apartments) (the "Bonds"), in the maximum principal amount of $12,000,000. The Bonds are intended to be issued as qualified exempt facility bonds for qualified residential rental projects under Section 142(a)(7) of the Internal Revenue Code.

The Housing Authority will lend the proceeds of the Bonds in the amount of not to exceed $12,000,000 to Spanish Trace Housing Partners, LP, a South Carolina limited partnership (the "Housing Sponsor"), to provide financing for a portion of the costs of acquisition of an approximately 10.6 acre tract of land located at 2400 Southside Boulevard (the "Site") in the City of Beaufort, South Carolina and renovating the existing 88-unit apartment community located thereon, including amenities functionally related and subordinate thereto, and a portion of the costs of financing (the "Project"). The Project will be owned by the Housing Sponsor.

The Bonds will be payable by the Housing Authority solely and exclusively out of payments to be made by the Housing Sponsor with respect to the Project. The Bonds will not constitute a debt or grant or loan of the credit of the City of Beaufort (the "City"), the Housing Authority, the State of South Carolina (the "State"), or any other political subdivision of the State within the meaning of any State constitutional provision or statutory limitation or other applicable authority, nor give rise to a pecuniary liability of the City, the Housing Authority, or the State. The Bonds will not constitute a charge against the general credit of the City, the Housing Authority, or the State or the taxing powers of the City, or the State. Neither the State nor the City shall be liable on the Bonds.

Pursuant to IRS Revenue Procedure 2020-21, as extended by Revenue Procedure 2021-39, allowing remote telephonic hearings to qualify as "public hearings" required for private activity bonds under Section 147(f) of the Internal Revenue Code of 1986, as amended, the Public Hearing will be conducted telephonically on Wednesday, September 29, 2021 at 11:30 a.m. and the public will not be able to attend in person. However, all persons who wish to listen to the public hearing may join by calling toll-free at 866.365.4406 and using access code 2663802#.

All persons who intend to express their views for or against the proposed issuance of Bonds, the nature of the financing, or the approval of the issuance of the Bonds must contact the Housing Authority, not less than 24 hours prior to the public hearing, via email to inform the Housing Authority of your intent to do so. Those who participate in the public hearing will be permitted to address the Housing Authority regarding the Project, the financing, or the Bonds for a period of up to five (5) minutes.

Members of the public may also submit written statements in advance of the public hearing to Angela R. Childers, Beaufort Housing Authority, PO Box 1104, Beaufort, South Carolina 29901 or email. The Housing Authority will not prepare a transcript of the public hearing.

Proposed issuance by the Housing Authority of its Multifamily Housing Revenue Notes or Bonds (Hilton Head Gardens)

Notice is hereby given by the Beaufort Housing Authority (the "Housing Authority") to all interested persons that a public hearing will be held regarding the proposed issuance by the Housing Authority of its Multifamily Housing Revenue Notes or Bonds (Hilton Head Gardens) (the "Bonds"), in the maximum principal amount of $14,000,000. The Bonds are intended to be issued as qualified exempt facility bonds for qualified residential rental projects under Section 142(a)(7) of the Internal Revenue Code.

The Housing Authority will lend the proceeds of the Bonds in the amount of not to exceed $14,000,000 to Hilton Head Housing Partners, LP, a South Carolina limited partnership (the "Housing Sponsor"), to provide financing for a portion of the costs of acquisition of an approximately 10 acre tract of land located at 11 Southwood Park Drive (the "Site") in the Town of Hilton Head Island, South Carolina and renovating the existing 112-unit apartment community located thereon, including amenities functionally related and subordinate thereto, and a portion of the costs of financing (the "Project"). The Project will be owned by the Housing Sponsor.

The Bonds will be payable by the Housing Authority solely and exclusively out of payments to be made by the Housing Sponsor with respect to the Project. The Bonds will not constitute a debt or grant or loan of the credit of the Town of Hilton Head Island (the "Town"), the City of Beaufort (the "City"), the Housing Authority, the State of South Carolina (the "State"), or any other political subdivision of the State within the meaning of any State constitutional provision or statutory limitation or other applicable authority, nor give rise to a pecuniary liability of the Town, the City, the Housing Authority, or the State. The Bonds will not constitute a charge against the general credit of the Town, the City, the Housing Authority, or the State or the taxing powers of the Town, the City, or the State. Neither the State nor the City nor the Town shall be liable on the Bonds.

Those who participate in the public hearing will be permitted to address the Housing Authority regarding the Project, the financing, or the Bonds for a period of up to five (5) minutes. Members of the public may also submit written statements in advance of the public hearing to Angela R. Childers, Beaufort Housing Authority, PO Box 1104, Beaufort, South Carolina 29901 or email. The Housing Authority will not prepare a transcript of the public hearing.