HOUSTON – June 18, 2019 – Coats Rose Affordable Housing and Community Development attorneys represented the Housing Authority of the City of Texarkana, Texas (“HATT”) as partnership and bond counsel on the closing of a transaction that is the largest combination of Revitalization, RAD, and LIHTC in the region to date. When completed, this will include the redevelopment of five properties on eight sites totaling 294 total units, which were converted from public housing to project-based Section 8 under HUD’s Rental Assistance Demonstration Program (“RAD”). This will complete HATT’s conversion of its entire public housing portfolio to RAD. The project was closed as one 4% tax credit/bond transaction with $18 million in bonds and over $10 million in tax credit equity. The total development cost was approximately $35 million. The Coats Rose team included Mattye Gouldsby Jones, Barry J. Palmer, S. Shannon Davis Hunter, and Paige Mebane on the partnership and RAD side and Bill Walter and Ron Bell as bond counsel.
“This is a tremendous achievement for the Housing Authority of the City of Texarkana. We are proud to be part of their team,” said Palmer, head of the Coats Rose Affordable Housing and Community Development practice group.
Antonio Williams, CEO of HATT, expressed his excitement at the latest milestone in HATT’s revitalization strategy and signaled his desire to continue to pursue new and innovative affordable housing solutions both in Texarkana and beyond.
“I would like to thank my HATT team and our development partners in the successful closing of this transaction, which will both ensure the revitalization of the physical structures involved as well as improve quality of life for the families who live in our great city,” shared Williams.
About Coats Rose, P.C.
Coats Rose is a transactional and litigation law firm focused on development: the development of real estate, affordable housing, special purpose districts, business and private wealth. We provide legal counsel to businesses, governmental entities corporate and high-net worth clients across the U.S. and internationally. For over 30 years, the firm has leveraged its vast legal experience to fulfill clients’ needs spanning real estate law, affordable housing and community development, public finance, construction/surety law, commercial litigation, government relations, intellectual property, mergers and acquisitions, securities law, tax, wealth planning and preservation. In addition to its headquarters in Houston, Coats Rose has offices in Dallas, Austin, San Antonio, New Orleans and Cincinnati. Learn more at www.coatsrose.com.