Resolution 2026-13

Resolution 2026-13 authorizes the Bloomington Housing Authority (BHA) to issue up to $100 million in bonds to acquire five properties from Hometown Group. The properties include 924 units of affordable housing for rents at or below 100% of the Area Median Income (AMI). The bonds will be issued at an interest rate not to exceed 9% and a term to maturity of 45 years. This bond issuance is not an obligation of the City of Bloomington and does not count against the City's bond limit. The bonds are to be repaid from revenue from the acquired properties and any surplus revenue of the BHA.