Massachusetts Development Finance Agency Meeting

Notice is hereby given that a telephonic public hearing will be conducted by the Massachusetts Development Finance Agency (“MassDevelopment”) at 10:00 a.m. April 26, 2023, with respect to the proposed amendment by Mass Development, acting under and pursuant to Massachusetts General Laws, Chapters 23G and 40D, as amended, of the terms of the Massachusetts Development Finance Agency Multifamily Housing Revenue Bonds, Roadway Apartments LLC Issue, Series 2021, in the aggregate original principal amount of $5,300,000 (the “Bonds”).

Pursuant to IRS Revenue Procedure 2022-20, providing guidance for the holding of teleconference public hearings in conformance with the requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), the public hearing will be held via the following telephonic conference line‎:

• Dial In: 888-305-1655
• Participant Code: 309-639

Said amendment of the terms of the Bonds will be deemed a current refunding of the Bonds under the Code.  The Bonds, currently outstanding in the principal amount of  $5,300,000, constitute the maximum aggregate principal amount of the Bonds immediately following such amendment ($5,300,000).

The proceeds of the Bonds were used to provide for the financing and/or refinancing of, and the reimbursement of funds advanced by Roadway Apartments LLC (the “Borrower,” which term includes for purposes of this Notice any parent, subsidiary or other affiliate thereof) with respect to certain facilities owned or to be owned and operated by the Borrower (including without limitation such financing, refinancing or reimbursement of bond reserves, capitalized interest, issuance costs and associated working capital expenditures), generally consisting of acquisition, rehabilitation (including without limitation acquisition and installation of fixtures), furnishing and equipping of an existing 69 room motel facility located on a 3.34 acre site located at 1005 Belmont Street, Brockton, MA 02301, such that said facility will be converted to a 69 unit single occupancy facility to serve the homeless and known as Roadway Apartments (collectively, the “Project”).

The Bonds, as to be amended, will constitute exempt facility bonds for a qualified residential project within the meaning of Sections 142(a)(7) and 142(d)(1) of the Code (namely, the Project), and will not constitute a general obligation of, or a pledge of the faith and credit of the Issuer or a general obligation of, or a debt or pledge of the faith and credit of the Commonwealth.

Interested persons wishing to express their views on the proposed amendment of the Bonds will be given the opportunity to do so at the telephonic public hearing or may, prior to the time of the public hearing, submit their views in writing to the Mass Development at 99 High Street, 11th Floor, Boston, Massachusetts 02110.  Persons desiring to participate at the telephonic public hearing must make a written request at least 24 hours prior to the hearing by email to tefrahearinginfo@MassDevelopment.com or by mail to Mass Development, 99 High Street, 11th Floor, Boston, MA 02110, Attn:  TEFRA Hearings.