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MultiUnitAcquisition-RehabilitationAffordableRentalHousing23LOANBONDBeneftsFasterTaxx1dExemptLowerx1dRateDrawbacksHigherx1dMarketx1dRateTimex1dConsumingHigherx1dupfrontx1dCostsPrivatex1dPlacementsx1dCostsx1dLessx1dThanx1dPublicx1dSalesx1dNox1dBondx1dUnderwriterTaxx1dCreditx1dInvestorsx1dTypicallyx1dRequirex1dLoanx1dTermsx1dGreaterx1dThanx1d15x1dYearsx1dWhichx1dCreatesx1dDifcultiesx1dForx1dBankx1dUnderwritingx1dInx1dSomex1dMarketsProcessApplicationx1dtox1dLenderApplicationx1dtox1dLenderBankx1dUnderwritingBankx1dUnderwritingApproval1.x1dx1dBankx1dApprovalCreditx1dEnhancement2.x1dContactx1dIssuerx1dLocalx1dRegionalx1dJointx1dPowerx1dAgreementx1dorx1dState3.x1dIssuerx1dSelectx1dBondx1dCounselx1dTox1dProvidex1dTaxx1dExemptx1dOpinion4.x1dIssuerx1dAppliesx1dtox1dStatex1dAllocationx1dAuthorityx1dForx1dBonds5.x1dLocalx1dPublicx1dHearingx1dHeldx1dTEFRAx1dApproval6.x1dStatex1dAllocationx1dAuthorityx1dApprovesx1dBondx1dAllocationx1d7.x1dIssuerx1dApprovesx1dIssuancex1dofx1dBonds8.x1dBondsx1darex1dSubsequentlyx1dSoldx1dTox1dPrivatexdPlacementPublicxdSaleBankx1dPurchasesx1dBondsx1dRatesx1dNegotiatedSelectx1dBondx1dUnderwritingx1dFirmFirmx1dUnderwritesx1dandx1dSellsx1dthex1dBondsx1dtox1dInvestorsx1dMarketx1dPriceBondx1dTrusteex1dSelectedx1dMonitorsx1dandx1dProtectsx1dBondx1dHoldersx1dBankBondx1dTrusteex1dSelectedx1dMonitorsx1dandx1dProtectsx1dBondx1dHoldersx1dInvestorsProceedsx1dofx1dPurchasex1dUsedx1dtox1dFundx1dthex1dProjectProceedsx1dofx1dPurchasex1dUsedx1dtox1dFundx1dthex1dProjectCloseCloseCloseBONDSLOANVERSUSBONDFINANCING