Charity & Associates, P.C. represented the Chicago Housing Authority on each phase of the financing and development of the Oakwood Shores development located in Chicago, Illinois. As part of the Chicago Housing Authority’s plan for transformation, Oakwood Shores consists of over 700 mixed-income rental units, approximately 300 for-sale homes, an affordable housing building for seniors, commercial space, a neighborhood elementary school, and a medical center. Charity & Associates, P.C. also represented Bank of America, N.A. in issuing a direct pay letter of credit to provide liquidity for the City of Chicago’s Variable Rate Demand Multi-Family Housing Revenue Bonds (Oakwood Shores Senior Apartments Project) Series 2010 to provide financing for the senior apartments component of the Oakwood Shores development. Oakwood Shores was financed by various sources including City of Chicago Variable Rate Demand Multi-Family Housing Revenue Bonds, City of Chicago Tax Increment Financing, City of Chicago HOME Investment Partnerships Program funds, United States Department of Housing and Urban Development Section 202 Capital Advance Financing, Federal Low Income Housing Tax Credits, Illinois Affordable Housing Tax Credits, Federal Affordable Housing Payments Grant funds, private tax credit equity, private construction and permanent financing, and other financing sources.
The firm’s representation of the Chicago Housing Authority included drafting and negotiating Chicago Housing Authority loan documents, reviewing and negotiating the underlying ground leases for the various phases of development, reviewing United States Department of Housing and Urban Development financing documents, and reviewing all development related diligence including title, survey and the tax credit partnerships’ limited partnership agreements and organizational documents. The firm’s representation of Bank of America, N.A. included drafting and negotiating a letter of credit reimbursement agreement and security documents in connection with Bank of America, N.A.’s issuance of its letter of credit, reviewing all development related diligence including title, survey and the tax credit partnership’s limited partnership agreement and organizational documents, drafting and negotiating intercreditor agreements with subordinate lenders, and negotiating terms of tax increment financing redevelopment agreement that governed the City of Chicago tax increment financing for the senior apartments component of the development.