CUSIP 199123CL2
- ISIN: US199123CL21
- Entity Name: Housing Authority of Columbus, Georgia
- Sector: Municipal Agency
- Announcement Date: 13-Dec-2017
- Effective Date: 30-Nov-2017
- Issue Date: *****
- Maturity Date: 01-Dec-2050
- Country of Issuer: United States
- Region: N.Amer
- Issue Currency: United States of America Dollars
- CA Type: Unscheduled Draw
- News: NOTICE IS HEREBY GIVEN that, on November 30, 2017, an unscheduled draw occurred on the debt service reserve fund on the Bonds, reflecting financial difficulty. As of the date of the draw, it was the second time to date that the reserve fund has been drawn upon. Replenishment will occur from monthly revenues. Below are specific details of the draw and corresponding balances. Date of draw: 11/30/17 Debt Service Reserve starting balance as of 11/30/2017: 537,425.00 Payment requiring draw: $65,000.00 Sinking Fund + $200,643.75 Interest = $265,643.75 Draw from Debt Service Reserve Fund: $221,369.80 Current Debt Service Reserve balance as of 12/1/2017: $316,055.20 The Board of Directors of JPC Charities and the Manager anticipate that the withdrawal from the DSRF will be replenished within the next 30 to 90 days from excess cash flows from the operations of JPC Charities. Additionally, as of January 1, 2018, the property will no longer be restricted to 100% of units at 60% of AMI as certain restrictions stemming from a prior LIHTC issuance on the property will expire. As such, as of January 1, 2018, only 40% of the units will be restricted to persons and families at or below 60% of AMI adjusted for family size. As a result, the Board and Manager expect a significant positive improvement to the top line revenues as well net income in 2018
- Description: Municipal Name: Housing Authority of Columbus, Georgia CUSIP: 199123CL2 Currency: USD Housing Authority of Columbus, Georgia today announced that the trustee has drawn the amount of USD 221,369.80 from the Debt Service Reserve Fund for the interest payment relating to the Series 2015 Multifamily Housing Revenue Bonds on November 30, 2017.
- Bond Document: https://www.bondpdf.com/
- Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US199123CL21
