Coats Rose Affordable Housing and Community Development attorneys represented the Denton Housing Authority (“DHA”), and its affiliates as owner and bond counsel on the closing of a transaction which will bring much needed mixed income housing to Denton, Texas. The 461-unit development was financed utilizing an innovative strategy with the issuance of essential function bonds by a DHA affiliate to facilitate the development, which includes affordable units at 50% of Area Median Income (“AMI”), 60% of AMI, and 80% of AMI in combination with market rate units. The Coats Rose team included Mattye Gouldsby Jones, Paige Mebane, and Rachael Crawford as owner’s counsel and Alysse Hollis, Bill Walter, and Ron Bell as bond and tax counsel.
“We are proud to assist the Denton Housing Authority in this exciting new development. We applaud DHA for its foresight and innovation and are optimistic that this will be a model for the creation of affordable units throughout the state.” said Barry Palmer, head of the Coats Rose Affordable Housing and Community Development practice group.
Sherri McDade, CEO of DHA, expressed her excitement at the latest milestone in DHA’s development. Ms. McDade thanks her developer partner, JPI, and stated, “ I am most pleased that the citizens of Denton have another quality affordable housing option for their families and that such initiatives support the Agency’s mission to promote economic independence.”
Coats Rose is a transaction 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 35 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, securities law, and tax. We have cultivated long-term client relationships and helped clients achieve their business aims.