Housing Authority of Columbus, Georgia


CUSIP 199123CL2
  • Issue Currency: United States of America Dollars
  • Announcement Date: 13-Dec-2017
  • 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
CUSIP 199123CK4
  • Issue Currency: United States of America Dollars
  • Announcement Date: 12-Dec-2017
  • 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.
CUSIP 199123CL2
  • Issue Currency: United States of America Dollars
  • Announcement Date: 14-Jun-2018
  • News: NOTICE IS HEREBY GIVEN that, on June 1, 2018, 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 third 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: 6/1/18 Debt Service Reserve starting balance as of 6/1/2018: $316,055.22 Payment requiring draw: $65,000.00 Sinking Fund + $199,587.50 Interest = $264,587.50 Draw from Debt Service Reserve Fund: $216,813.00 Current Debt Service Reserve balance as of 6/1/2018: $54,242.22 Per the Manager, occupancy and move-ins have recently increased; if this trend continues, the debt service reserve fund is anticipated to be replenished toward the end of 2018. Further questions regarding the draw and substantiating circumstances should be directed to: Chaim Puretz, PF Holdings, LLC (Asset Manager), 10 Hill Street Suite 1E, Newark, NJ 07102; telephone: 718-925-4111 extension 101 or Tony Shir (Board Member, JPC Charities) 847-452- 4565



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