The Newnan Times-Herald

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Bonds for 96-unit condominium complex to be reviewed

  • By Joe Adgie
  • |
  • Aug. 03, 2021 - 3:05 PM

The Housing Authority of Newnan will be looking to confirm and validate bonds for an upcoming townhouse project this week.

The Housing Authority will do that in a session of the Superior Court of Coweta County on Wednesday at 9 a.m. at the Coweta County Justice Center, located at 72 Greenville St. in Newnan.

The bonds are for a proposed 96-unit condominium townhome development, known as the McIntosh Woods Apartments and come in two series.

The first series of bonds being validated is known as Series 2021A bonds, multifamily housing revenue bonds, which will not exceed $18 million, while the second series of bonds, housing taxable revenue bonds, will not exceed $1.2 million.

The bonds will be issued by the Newnan Housing Authority for the purpose of financing the costs of acquisition, construction and the equipping of the 96-unit townhome development, which will be located within the Newnan city limits.

According to Park Terrace Companies, who served as the consultant to the owner and developer, the housing community is being financed with Low Income Housing Tax Credits, both federal and state, and tax-exempt mortgage financing.

The project will be located at the intersection of Greison Trail and McIntosh Parkway.