NOTICE IS HEREBY GIVEN that a Public Hearing will be held by Spartanburg Housing (the "Issuer") on August 31, 2023, at 2:00 p.m., or as soon thereafter as the matter can be heard, and will be held via teleconference in connection with the issuance by the Issuer of its Multifamily Housing Revenue Bonds (Hope Road Project), Series 2023 (the "Bonds"), in one or more tax-exempt and/or taxable series, as part of a plan of financing in an aggregate principal amount not to exceed $27,000,000. The Bonds will be an issue of "exempt facility bonds" issued to finance a "qualified residential rental project" as defined in Section 142(a)(7) of the Internal Revenue Code of 1986, as amended (the "Code"). The public hearing will be held jointly on behalf of the City of Spartanburg, South Carolina (the "City") and Spartanburg County, South Carolina (the "County").
Principal User of Bonds and Project. The Issuer will sell the Bonds to a bank or other institutional investor (the "Bondholder") under a Loan Agreement and Trust Indenture, the proceeds of which will be loaned pursuant to Hope Road Development LP, a South Carolina limited partnership (the "Borrower"), to finance the acquisition of approximately 27.39 acres of real property located at 1304 Frey Springs Lane in unincorporated Spartanburg County, South Carolina and construction thereon of 24 buildings comprised of 192 affordable three (3) and four (4) bedroom residential rental units, including amenities functionally related and subordinate thereto, and a portion of the costs of financing (the "Project"), to be owned by the Borrower.
Limited Obligation. The Bonds will be payable by the Issuer solely and exclusively out of payments to be made by the Borrower under the Loan Agreement. The Bonds will not constitute an indebtedness of the Issuer, the State of South Carolina, or any political subdivision thereof within the meaning of any South Carolina constitutional provision or statutory limitation nor give rise to a pecuniary liability of the Issuer, the State of South Carolina, or any political subdivision thereof. The Bonds will not constitute a charge against the general credit or taxing powers of the Issuer, the State of South Carolina, or any political subdivision thereof, including, without limitation, the City and the County. The Issuer has no taxing authority.
Teleconference Only. Pursuant to IRS Revenue Procedure 2022-20 allowing remote telephone 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 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 (833) 473-1477 (no access code needed). Members of the public may submit oral or written comments to the Issuer to express their views for or against the proposed issuance of the Bonds, the location and nature of the Project, or the approval of the issuance of the Bonds. All persons who wish to submit oral comments during the Public Hearing must contact the Issuer, not less than 24 hours prior to the Public Hearing, via email to firstname.lastname@example.org to inform the Issuer of their desire to speak at the Public Hearing. Those who present comments during the Public Hearing will be permitted to address the Issuer regarding the Project or the Bonds for no more than three (3) minutes. Members of the public may submit views to the Issuer in writing via mail to Joseph Jackson, Director of Development, Spartanburg Housing, 170 Arch Street, Spartanburg, South Carolina 29303, or via email to email@example.com. The Issuer will not prepare a transcript of the Public Hearing.
In accordance with the Americans with Disabilities Act, persons needing special accommodations to participate in the Public Hearing should contact the Spartanburg Housing at (864) 598-6084 not later than three days prior to the Public Hearing.
Director of Development