5a. Cherry Oak Apartments Construction Loan Extension.
This item requests Board approval of a 6-month extension of construction financing provided by Bank of Tennessee for the Cherry Oak Apartments development. The six-month extension of the construction financing is intended to give the property time to complete milestones for permanent loan conversion.
6a. Withdrawal from Community Choice Demonstration.
On April 30, 2021, MDHA was one of nine PHAs across the country selected to participate in the United States Department of Housing and Urban Development (HUD) Community Choice Demonstration (CCD) Program. While successful in expanding housing opportunities for families, the impact of CCD on MDHA’s budget authority has been significant. MDHA is projecting a HAP funding shortfall by the end of 2025 and has been advised by the HUD Office of Field Operations to take actions to mitigate the shortfall amount and to make plans to handle a shortfall with potential limited support from any shortfall set-aside funding. Withdrawal from CCD is a necessary mitigation action.
Published On: May 8, 2025
