Newton County Agrees to Bond Issue to Rehab Arbor Lakes

Two hundred fifty units at Arbor Lakes apartments on Kirkland Road will be rehabilitated following a vote by the Newton County Board of Commissioners.

On June 18, commissioners approved the issuance of $23 million in tax-exempt multi-family housing bonds by the Covington Housing Authority to fund the rehabilitation. The bonds will be issued on behalf of Covington Leased Housing Associates III, working with development partner Dominium. The city of Covington has already approved the bond issue.

Neither government will be responsible for repaying the bonds, but their endorsement was needed because they are the local governing bodies. Although the Housing Authority will issue the bonds, it will not own, operate or manage the apartments. The Housing Authority will receive an issuer fee of one-eighth of 1 percent. The bonds will be repaid through revenues generated by the apartment complex.

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