Locke Lord Austin Affordable Housing and Dallas Public Finance Teams Close Transaction Involving Use of Essential Bonds to Create and Preserve Workforce Housing

The Texas affordable housing industry has recently adopted the use of essential function bonds as a tool for creating and preserving workforce housing. Locke Lord’s Austin Affordable Housing Team, including Cynthia Bast and Matthew Borah, closed its first such transaction in December, with assistance from the Firm’s Public Finance Team, including Dallas’ Steve Bolden. The Dallas Housing Finance Corporation issued approximately $48 million of bonds and acquired a 125-unit apartment complex for conversion to affordable workforce housing. Locke Lord’s client AMCAL Equities will serve as the Project Administrator.
Posted on January 9, 2023