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Notice of Public Hearing Regarding Tax Equity & Fiscal Responsibility Act for Bronstein Redevelopment
May 4, 2021
Notice is hereby given that on Monday, May 24, 2021 at 6:00 pm New Hampshire Housing Finance Authority (the “Authority”) will hold a public hearing via teleconference in accordance with Emergency Order #12 pursuant to Executive Order 2020-04, and pursuant to IRS Revenue Procedures 2020-21 and 2020-49. The hearing will be open to the public by toll-free telephone. The following toll-free telephone number is provided to give the public access to the hearing; 1-800-644-9886. The Meeting ID is 147 770 2172. If callers experience problems accessing the teleconference hearing they can call Jessica McCarthy at (603) 310-9272. The hearing is with respect to the proposed issuance by the Authority, acting under and pursuant to New Hampshire Revised Statutes Annotated Chapter 204-C (the “Act”), of obligations in the maximum aggregate principal amount of $27,000,000 (the “Bonds”) (out of a total anticipated project cost of $48,485,510). The Bonds are proposed to be issued to provide financing as permitted under the Act for the following multi-family housing project (the “4 % Project”): the acquisition of a portion of a 4.182 acre site located at 41 Central Street (referred to in the Tax Assessor’s office as Map 80 Lot 89) in the City of Nashua, County of Hillsborough, and State of New Hampshire (such 4.182 acre site constituting the “Overall Site”), on which Overall Site is currently located a 48 unit public housing development (owned by the Nashua Housing and Redevelopment Authority) in seven buildings (the “Existing Buildings”), the demolition of the Existing Buildings, and the construction, furnishing and equipping on such portion of a 166 unit multi-family residential rental housing development consisting of four buildings with an aggregate square foot building area totaling approximately 196,928 square feet, and with all or substantially all of the units expected to be occupied by tenants having incomes no greater than 60% of area median income. The Overall Site will be divided into two project condominium units – the 4% Project condominium unit and the 9% Project condominium unit. The 4% Project condominium unit will be Buildings B (83 units), C (36 units) and D (18 units), inclusive, and a proportionate number of sub-condominium units in Building A (with 29 units in Building A being allocable to the 4% Project, and with 50 units in Building A being allocable to the 9% Project). The owner of the 4% Project will be Bronstein 4% Limited Partnership, a New Hampshire limited partnership, the general partner of which will be 55 Central Street 4% LLC, of which Nashua Housing and Redevelopment Authority will be a 51% managing member and Boston Capital Development LLC will be a 49% managing member. The owner of the 9% Project condominium unit, on which a 50 unit multi-family residential rental housing development not financed with any tax-exempt bond proceeds will be constructed, will be an affiliate of the owner of the 4% Project. The Bonds will not be a general obligation of the Authority or a pledge of the faith and credit of the Authority or a debt, liability, obligation or pledge of the faith and credit of the State of New Hampshire or any political subdivision thereof.
Written comments will be accepted prior to and for two business days following the public hearing, and must be received by email, fax, or physical delivery no later than 4:30 p.m.
on the second business day following the hearing.
For more information, contact:
Jim Menihane, Director, MF Originations & Business Development
New Hampshire Housing Finance Authority
32 Constitution Drive
Bedford, NH 03110