MURIEL BOWSER
MAYOR
October 17, 2023
The Honorable Phil Mendelson
Chairman
Council
of the District of Columbia
1350 Pennsylvania Avenue, N.W.
Suite 504
Washington, DC 20001
Dear Chairman Mendelson:
On behalf
of the citizens of the District of Columbia ( the "District"), I hereby request that you
introduce, and that the Council
of the District of Columbia (the "Council") vote to approve, the
enclosed draft resolution titled, "Ridgecrest Court Investor, LLC Revenue Bonds Project
Approval Resolution
of 2023" (the "Resolution").
The Resolution authorizes the issuance, sale, and delivery
of tax-exempt revenue bonds, notes or
other obligations
in aggregate principal amount not to exceed $20,000,000.00. These bonds will
be used for the financing, refinancing, or reimbursing
of costs incurred by Ridgecrest Court
Investor, LLC for second phase
of the Ridgcrest Community affordable housing project located
in Ward
8.
The Ridgecrest Court Investor, LLC is a not-for-profit real estate organization dedicated to
preservmg
and creating sustainable, service-enriched multifamily housing, that is both affordable to
low and moderate-income families and seniors.
This project consists
of the redevelopment of 132-units in Ward 8 of SE, which is a part of the
larger 272-unit project created to provide and sustain affordable housing in the district. The
Phase 2 project was forced
to seek Revenue Bonds since the District was reaching its cap on the
private activity bonds. This project encompasses 7 residential buildings within the 1900 and
2100 block
of Ridgecrest Court SE, and the 1900 block of Savannah Terrace SE.
In accordance with Section 490
of the Home Rule Act, we have determined that the bonds,
when, as, and
if issued, shall be without recourse to the District. The bonds shall not be general
obligations
of the District; shall not be a pledge of or involve the full faith and credit or the
taxing power
of the District; shall not constitute a debt of the District; and shall not constitute a
lending
of public credit for private undertakings as prohibited in section 602(a) (2) of the Home
Rule Act. The bonds shall not give rise to any pecuniary liability
of the District and the District
shall have no obligation with respect
to the purchase of the bonds. I find that the proposed financing will assist in furthering the efforts of Ridgecrest to provide
affordable housing opportunities to the citizens
of the District of Columbia. I urge the Council to
take prompt and favorable action on the measure.
Sincerely,
Enclosures &irrnanihil Mendelson
at the request
of the Mayor
1
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7 A PROPOSED RESOLUTION
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IN THE COUNCIL OF THE DISTRICT OF COLUMBIA
12 To authorize and provide for the issuance, sale, and delivery in an aggregate principal
13 amount not to exceed $20 million of District of Columbia revenue bonds in one or more
14 series pursuant to a plan of finance and to authorize and provide for the loan of the proceeds
15 of such bonds to assist Ridgecrest Court Investor, LLC, in the financing, refinancing, or
16 reimbursing of costs associated with an authorized project pursuant to section 490 of the
1 7 District
of Columbia Home Rule Act.
18
19 RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this
20 resolution may be cited
as the "Ridgecrest Court Investor, LLC Revenue Bonds Project Approval
21 Resolution of 2023".
22
23 Sec. 2. Definitions.
24 For the purposes
of this resolution, the term:
25 (1) "Authorized Delegate" means the Mayor or the Deputy Mayor for Planning
26 and Economic Development, or any officer or employee
of the Executive Office of the Mayor to
27 whom the Mayor has delegated or
to whom the foregoing individuals have subdelegated any of
28 the Mayor's functions under this resolution pursuant to section 422(6) of the Home Rule Act.
29 (2) "Bond Counsel" means a firm or firms
of attorneys designated as bond
30 counsel from time
to time by the Mayor.
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2
(3) “Bonds” means the District of Columbia revenue bonds, notes, or other 31
obligations (including refunding bonds, notes, and other obligations), in one or more series, 32
authorized to be issued pursuant to this resolution. 33
(4) “Borrower” means the owner, operator, manager and user of the assets 34
financed, refinanced, or reimbursed with proceeds from the Bonds, which shall be Ridgecrest 35
Court Investor, LLC, a limited liability company and disregarded entity for federal tax purposes 36
whose sole member is Ridgecrest Court Manager, LLC, a limited liability company and 37
disregarded entity for federal tax purposes whose sole member is The NHP Foundation, a 38
nonprofit corporation and organization exempt from federal income taxes under 26 U.S.C § 39
501(a) as an organization described in 26 U.S.C. § 501(c)(3). The Borrower is liable for the 40
repayment of the Bonds. 41
(5) “Closing Documents” means all documents and agreements, other than 42
Financing Documents, that may be necessary and appropriate to issue, sell, and deliver the 43
Bonds and to make the Loan contemplated thereby, and includes agreements, certificates, letters, 44
opinions, forms, receipts, and other similar instruments. 45
(6) “District” means the District of Columbia. 46
(7) “Financing Documents” means the documents, other than Closing Documents, 47
that relate to the financing or refinancing of transactions to be effected through the issuance, sale, 48
and delivery of the Bonds and the making of the Loan, including any offering document, and any 49
required supplements to any such documents. 50
(8) “Home Rule Act” means the District of Columbia Home Rule Act, approved 51
December 24, 1973 (87 Stat. 774; D.C. Official Code § 1- 201.01 et seq. ). 52
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(9) “Issuance Costs” means all fees, costs, charges, and expenses paid or incurred 53
in connection with the authorization, preparation, printing, issuance, sale, and delivery of the 54
Bonds and the making of the Loan, including, but not limited to, underwriting, legal, accounting, 55
rating agency, and all other fees, costs, charges, and expenses incurred in connection with the 56
development and implementation of the Financing Documents, the Closing Documents, and 57
those other documents necessary or appropriate in connection with the authorization, 58
preparation, printing, issuance, sale, marketing, and delivery of the Bonds and the making of the 59
Loan contemplated thereby, together with financing fees, costs, and expenses, including program 60
fees and administrative fees charged by the District, fees paid to financial institutions and 61
insurance companies, initial letter of credit fees (if any), compensation to financial advisors and 62
other persons (other than full-time employees of the District) and entities performing services on 63
behalf of or as agents for the District. 64
(10) “Loan” means the District’s lending of proceeds from the sale, in one or 65
more series, of the Bonds to the Borrower. 66
(11) “Project” means the financing, refinancing or reimbursing of all or a portion 67
of the Borrower’s costs of: 68
(A) the renovation and rehabilitation of seven (7) existing multifamily 69
residential rental buildings that will be improved with approximately 140,863 square feet of 70
residential rental property, comprising 128 rental housing units and associated parking facilities 71
located in Washington, D.C., commonly known as Ridgecrest Village, with street addresses at 72
1910-1912 Ridgecrest Court, SE, Washington, D.C., 20020; 1910- 1912 Savannah Street, SE, 73
Washington, D.C., 20020; 1905- 1911 Savannah Terrace, SE, Washington, D.C., 20020; 1920-74
1924 Ridgecrest Court, SE, Washington, D.C., 20020; 2000- 2006 Ridgecrest Court, SE, 75
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Washington, D.C., 20020; 2100- 2104 Ridgecrest Court, SE, Washington, D.C., 20020; and 76
2110-2116 Ridgecrest Court, SE, Washington, D.C., 20020 (collectively, the “Faci lity”); 77
(B) the purchase and installation of certain equipment and furnishings, 78
together with other property, real and personal, functionally related and subordinate to the 79
Facility; 80
(C) funding certain working capital costs, to the extent financeable relating 81
to the Bonds; 82
(D) funding interest on the Bonds and any credit enhancement costs, 83
liquidity costs or debt service reserve fund relating to the Bonds; and 84
(E) Paying allowable Issuance Costs. 85
Sec. 3. Findings. 86
The Council finds that: 87
(1) Section 490 of the Home Rule Act provides that the Council may, by 88
resolution, authorize the issuance of District revenue bonds, notes, or other obligations 89
(including refunding bonds, notes, or other obligations) to borrow money to finance, refinance, 90
or reimburse costs, and to assist in the financing, refinancing, or reimbursing of, the costs of 91
undertakings in certain areas designated in section 490 and may effect the financing, refinancing, 92
or reimbursement by loans made directly or indirectly to any individual or legal entity, by the 93
purchase of any mortgage, note, or other security, or by the purchase, lease, or sale of any 94
property. 95
(2) The Borrower has requested the District to issue, sell, and deliver revenue 96
bonds, in one or more series, in an aggregate principal amount not to exceed $20 million, and to 97
make the Loan for the purpose of financing, refinancing, or reimbursing costs of the Project. 98
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(3) The Project is located in the District and will contribute to the health, 99
education, safety, or welfare of, or the creation or preservation of jobs for, residents of the 100
District, or to economic development of the District. 101
(4) The Project is an undertaking in the area of housing, within the meaning of 102
section 490 of the Home Rule Act. 103
(5) The authorization, issuance, sale, and delivery of the Bonds and the Loan to 104
the Borrower are desirable, are in the public interest, will promote the purpose and intent of 105
section 490 of the Home Rule Act, and will assist the Project. 106
Sec. 4. Bond authorization. 107
(a) The Mayor is authorized pursuant to the Home Rule Act and this resolution to assist 108
in financing, refinancing or reimbursing the costs of the Project by: 109
(1) The issuance, sale, and delivery of the Bonds, in one or more series, in an 110
aggregate principal amount not to exceed $20 million; and 111
(2) The making of the Loan. 112
(b) The Mayor is authorized to make the Loan to the Borrower for the purpose of 113
financing, refinancing or reimbursing the costs of the Project and establishing any fund with 114
respect to the Bonds as required by the Financing Documents. 115
(c) The Mayor may charge a program fee to the Borrower, including, but not limited to, 116
an amount sufficient to cover costs and expenses incurred by the District in connection with the 117
issuance, sale, and delivery of each series of the Bonds, the District’s participation in the 118
monitoring of the use of the Bond proceeds and compliance with any public benefit agreements 119
with the District, and maintaining official records of each bond transaction, and assisting in the 120
redemption, repurchase, and remarketing of the Bonds. 121
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(d) The Bond authorization set forth in this resolution includes the authorization to issue 122
refunding Bonds to refinance any Bonds previously issued under this resolution to finance the 123
Project; provided that the maximum principal amount of Bonds outstanding at any time does not 124
exceed the maximum principal amount of Bonds authorized hereunder. 125
Sec. 5. Bond details. 126
(a) The Mayor and each Authorized Delegate is authorized to take any action reasonably 127
necessary or appropriate in accordance with this resolution in connection with the preparation, 128
execution, issuance, sale, delivery, security for, and payment of the Bonds of each series, 129
including, but not limited to, determinations of: 130
(1) The final form, content, designation, and terms of the Bonds, including a 131
determination that the Bonds may be issued in certificated or book- entry form; 132
(2) The principal amount of the Bonds to be issued and denominations of the 133
Bonds; 134
(3) The rate or rates of interest or the method for determining the rate or rates of 135
interest on the Bonds; 136
(4) The date or dates of issuance, sale, and delivery of, and the payment of interest 137
on, the Bonds, and the maturity date or dates of the Bonds; 138
(5) The terms under which the Bonds may be paid, optionally or mandatorily 139
redeemed, accelerated, tendered, called, or put for redemption, repurchase, or remarketing before 140
their respective stated maturities; 141
(6) Provisions for the registration, transfer, and exchange of the Bonds and the 142
replacement of mutilated, lost, stolen, or destroyed Bonds; 143
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(7) The creation of any reserve fund, sinking fund, or other fund with respect to 144
the Bonds; 145
(8) The time and place of payment of the Bonds; 146
(9) Procedures for monitoring the use of the proceeds received from the sale of 147
the Bonds to ensure that the proceeds are properly applied to the Project and used to accomplish 148
the purposes of the Home Rule Act and this resolution; 149
(10) Actions necessary to qualify the Bonds under blue sky laws of any 150
jurisdiction where the Bonds are marketed; and 151
(11) The terms and types of credit enhancement under which the Bonds may be 152
secured. 153
(b) The Bonds shall contain a legend, which shall provide that the Bonds are special 154
obligations of the District, are without recourse to the District, are not a pledge of, and do not 155
involve the faith and credit or the taxing power of the District, do not constitute a debt of the 156
District, and do not constitute lending of the public credit for private undertakings as prohibited 157
in section 602(a)(2) of the Home Rule Act. 158
(c) The Bonds shall be executed in the name of the District and on its behalf by the 159
manual or facsimile signature of the Mayor, and attested by the Secretary of the District of 160
Columbia by the Secretary of the District of Columbia’s manual or facsimile signature. The 161
Mayor’s execution and delivery of the Bonds shall constitute conclusive evidence of the Mayor’s 162
approval, on behalf of the District, of the final form and content of the Bonds. 163
(d) The official seal of the District, or a facsimile of it, shall be impressed, printed, or 164
otherwise reproduced on the Bonds. 165
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(e) The Bonds of any series may be issued in accordance with the terms of a trust 166
instrument to be entered into by the District and a trustee to be selected by the Borrower subject 167
to the approval of the Mayor, and may be subject to the terms of one or more agreements entered 168
into by the Mayor pursuant to section 490(a)(4) of the Home Rule Act. 169
(f) The Bonds may be issued at any time or from time to time in one or more issues and 170
in one or more series. 171
Sec. 6. Sale of the Bonds. 172
(a) The Bonds of any series may be sold at negotiated or competitive sale at, above, or 173
below par, to one or more persons or entities, and upon terms that the Mayor considers to be in 174
the best interest of the District. 175
(b) The Mayor or an Authorized Delegate may execute, in connection with each sale of 176
the Bonds, offering documents on behalf of the District, may deem final any such offering 177
document on behalf of the District for purposes of compliance with federal laws and regulations 178
governing such matters and may authorize the distribution of the documents in connection with 179
the sale of the Bonds. 180
(c) The Mayor is authorized to deliver the executed and sealed Bonds, on behalf of the 181
District, for authentication, and, after the Bonds have been authenticated, to deliver the Bonds to 182
the original purchasers of the Bonds upon payment of the purchase price. 183
(d) The Bonds shall not be issued until the Mayor receives an approving opinion from 184
Bond Counsel as to the validity of the Bonds of such series and, if the interest on the Bonds is 185
expected to be exempt from federal income taxation, the treatment of the interest on the Bonds 186
for purposes of federal income taxation. 187
Sec. 7. Payment and security. 188
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(a) The principal of, premium, if any, and interest on, the Bonds shall be payable solely 189
from proceeds received from the sale of the Bonds, income realized from the temporary 190
investment of those proceeds, receipts and revenues realized by the District from the Loan, 191
income realized from the temporary investment of those receipts and revenues prior to payment 192
to the Bond owners, other moneys that, as provided in the Financing Documents, may be made 193
available to the District for the payment of the Bonds, and other sources of payment (other than 194
from the District), all as provided for in the Financing Documents. 195
(b) Payment of the Bonds shall be secured as provided in the Financing Documents and 196
by an assignment by the District for the benefit of the Bond owners of certain of its rights under 197
the Financing Documents and Closing Documents, including a security interest in certain 198
collateral, if any, to the trustee for the Bonds pursuant to the Financing Documents. 199
(c) The trustee is authorized to deposit, invest, and disburse the proceeds received from 200
the sale of the Bonds pursuant to the Financing Documents. 201
Sec. 8. Financing and Closing Documents. 202
(a) The Mayor is authorized to prescribe the final form and content of all Financing 203
Documents and all Closing Documents to which the District is a party that may be necessary or 204
appropriate to issue, sell, and deliver the Bonds and to make the Loan to the Borrower. Each of 205
the Financing Documents and each of the Closing Documents to which the District is not a party 206
shall be approved, as to form and content, by the Mayor. 207
(b) The Mayor is authorized to execute, in the name of the District and on its behalf, the 208
Financing Documents and any Closing Documents to which the District is a party by the 209
Mayor’s manual or facsimile signature. 210
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(c) If required, the official seal of the District, or a facsimile of it, shall be impressed, 211
printed, or otherwise reproduced on the Financing Documents and the Closing Documents to 212
which the District is a party. 213
(d) The Mayor’s execution and delivery of the Financing Documents and the Closing 214
Documents to which the District is a party shall constitute conclusive evidence of the Mayor’s 215
approval, on behalf of the District, of the final form and content of the executed Financing 216
Documents and the executed Closing Documents. 217
(e) The Mayor is authorized to deliver the executed and sealed Financing Documents and 218
Closing Documents, on behalf of the District, prior to or simultaneously with the issuance, sale, 219
and delivery of the Bonds, and to ensure the due performance of the obligations of the District 220
contained in the executed, sealed, and delivered Financing Documents and Closing Documents. 221
Sec. 9. Authorized delegation of authority. 222
To the extent permitted by District and federal laws, the Mayor may delegate to any 223
Authorized Delegate the performance of any function authorized to be performed by the Mayor 224
under this resolution. 225
Sec. 10. Limited liability. 226
(a) The Bonds shall be special obligations of the District. The Bonds shall be without 227
recourse to the District. The Bonds shall not be general obligations of the District, shall not be a 228
pledge of, or involve the faith and credit or the taxing power of, the District, shall not constitute a 229
debt of the District, and shall not constitute lending of the public credit for private undertakings 230
as prohibited in section 602(a)(2) of the Home Rule Act. 231
(b) The Bonds shall not give rise to any pecuniary liability of the District and the District 232
shall have no obligation with respect to the purchase of the Bonds. 233
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(c) Nothing contained in the Bonds, in the Financing Documents, or in the Closing 234
Documents shall create an obligation on the part of the District to make payments with respect to 235
the Bonds from sources other than those listed for that purpose in section 7. 236
(d) The District shall have no liability for the payment of any Issuance Costs or for any 237
transaction or event to be effected by the Financing Documents. 238
(e) All covenants, obligations, and agreements of the District contained in this resolution, 239
the Bonds, and the executed, sealed, and delivered Financing Documents and Closing 240
Documents to which the District is a party, shall be considered to be the covenants, obligations, 241
and agreements of the District to the fullest extent authorized by law, and each of those 242
covenants, obligations, and agreements shall be binding upon the District, subject to the 243
limitations set forth in this resolution. 244
(f) No person, including, but not limited to, the Borrower and any Bond owner, shall have 245
any claims against the District or any of its elected or appointed officials, officers, employees, or 246
agents for monetary damages suffered as a result of the failure of the District or any of its elected 247
or appointed officials, officers, employees or agents to perform any covenant, undertaking, or 248
obligation under this resolution, the Bonds, the Financing Documents, or the Closing 249
Documents, or as a result of the incorrectness of any representation in or omission from the 250
Financing Documents or the Closing Documents, unless the District or its elected or appointed 251
officials, officers, employees, or agents have acted in a willful and fraudulent manner. 252
Sec. 11. District officials. 253
(a) Except as otherwise provided in section 10(f), the elected or appointed officials, 254
officers, employees, or agents of the District shall not be liable personally for the payment of the 255
Bonds or be subject to any personal liability by reason of the issuance, sale or delivery of the 256
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Bonds, or for any representations, warranties, covenants, obligations, or agreements of the 257
District contained in this resolution, the Bonds, the Financing Documents, or the Closing 258
Documents. 259
(b) The signature, countersignature, facsimile signature, or facsimile countersignature of 260
any official appearing on the Bonds, the Financing Documents, or the Closing Documents shall 261
be valid and sufficient for all purposes notwithstanding the fact that the individual signatory 262
ceases to hold that office before delivery of the Bonds, the Financing Documents, or the Closing 263
Documents. 264
Sec.12. Maintenance of documents. 265
Copies of the specimen Bonds and of the final Financing Documents and Closing 266
Documents shall be filed in the Office of the Secretary of the District of Columbia. 267
Sec.13. Information reporting. 268
Within 3 days after the Mayor’s receipt of the transcript of proceedings relating to the 269
issuance of the Bonds, the Mayor shall transmit a copy of the transcript to the Secretary to the 270
Council. 271
Sec. 14. Disclaimer. 272
(a) The issuance of Bonds is in the discretion of the District. Nothing contained in this 273
resolution, the Bonds, the Financing Documents, or the Closing Documents shall be construed as 274
obligating the District to issue any Bonds for the benefit of the Borrower or to participate in or 275
assist the Borrower in any way with financing, refinancing, or reimbursing the costs of the 276
Project. The Borrower shall have no claims for damages or for any other legal or equitable relief 277
against the District, its elected or appointed officials, officers, employees, or agents as a 278
consequence of any failure to issue any Bonds for the benefit of the Borrower. 279
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(b) The District reserves the right to issue the Bonds in the order or priority it determines 280
in its sole and absolute discretion. The District gives no assurance and makes no representations 281
that any portion of any limited amount of bonds or other obligations, the interest on which is 282
excludable from gross income for federal income tax purposes, will be reserved or will be 283
available at the time of the proposed issuance of the Bonds. 284
(c) The District, by adopting this resolution or by taking any other action in connection 285
with financing, refinancing, or reimbursing costs of the Project, does not provide any assurance 286
that the Project is viable or sound, that the Borrower is financially sound, or that amounts owing 287
on the Bonds or pursuant to the Loan will be paid. Neither the Borrower, any purchaser of the 288
Bonds, nor any other person shall rely upon the District with respect to these matters. 289
Sec. 15. Expiration. 290
If any Bonds are not issued, sold, and delivered to the original purchaser within 3 years of 291
the date of this resolution, the authorization provided in this resolution with respect to the 292
issuance, sale, and delivery of the Bonds shall expire. 293
Sec. 16. Severability. 294
If any particular provision of this resolution or the application thereof to any person or 295
circumstance is held invalid, the remainder of this resolution and the application of such 296
provision to other persons or circumstances shall not be affected thereby. If any action or 297
inaction contemplated under this resolution is determined to be contrary to the requirements of 298
applicable law, such action or inaction shall not be necessary for the purpose of issuing the 299
Bonds, and the validity of the Bonds shall not be adversely affected. 300
Sec. 17. Compliance with public approval requirement. 301
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This approval shall constitute the approval of the Council as required in section 147(f) of 302
the Internal Revenue Code of 1986, as amended (Code”) , and section 490(k) of the Home Rule 303
Act, for the Project to be financed, refinanced, or reimbursed with the proceeds of the Bonds. 304
This resolution approving the issuance of the Bonds for the Project has been adopted by the 305
Council after a public hearing held in accordance with section 147(f ) of Code, as such section 306
may be amended, and the corresponding regulations promulgated by the United States 307
Department of the Treasury. 308
Sec. 18. Transmittal. 309
The Council shall transmit a copy of this resolution, upon its adoption, to the Mayor. 310
Sec. 19. Fiscal impact statement. 311
The Council adopts the fiscal impact statement in the committee report as the fiscal 312
impact statement required by section 4a of the General Legislative Procedures Act of 1975, 313
approved October 16, 2006 (120 Stat. 2038; D.C. Official Code § 1- 301.47a). 314
Sec. 20. Effective date. 315
This resolution shall take effect immediately. 316
317 The Ridgecrest Court Investor LLC
Revenue Bond Project
FACT SHEET
The Ridgecrest Court Investor, LLC (Ridgecrest) has requested that T he District issue up to
$20,000,000 of revenue bonds for the financing and refinancing of cost incurred with the
acquisition, renovations, and equipping of the Ridgecrest V illage community Phase 2 project. This
132-unit project covering 7 buildings is part of the larger 272- unit Ridgecrest Village project which
is currently underway. This project is in Washington DC’s SE, Ward 8 neighborhood.
The Applicant
Ridgecrest is a not-for-profit real estate organization dedicated to preserving
and creating sustainable, service- enriched multifamily housing, that is both affordable to
low and moderate-income families and seniors! For over three decades, starting in 1989,
Ridgecrest has realized extraordinary achievements in the preservation and creation of value-
added affordable housing,
Incorporated as a not-for-profit organization, Ridgecrest operates with both a charitable mission
and business-like financial discipline. Its track record from the beginning has led to the
preservation of over 18,215 affordable housing units. Ridgecrest currently serves more than
41,003 residents on 61 properties, providing nearly 10,354 affordable housing units in 16 states
including the District of Columbia.
Proposed Project
Ridgecrest has requested $20,000,000 of Revenue Bonds for the Ridgecrest Village phase 2
project. This project consists of the redevelopment of 132- units in Ward 8 of SE, which is a part
of the larger 272- unit project created to provide and sustain affordable housing in the district.
The Phase 2 project was forced to seek Revenue Bonds since the District was reaching its cap on
the private activity bonds. This project encompasses 7 residential buildings within the 1900 and
2100 block of Ridgecrest Court SE, and the 1900 block of Savannah Terrace SE.
Feasibility/Structure/Security of the Bonds
Citi Bank has reviewed the financial position of the Ridgecrest in connection with the $44,000,000
Revenue Bond application. Based on the assessment of Ridgecrest’s finances and financing needs,
Citi supports pursuit of the public offerings of tax-exempt bonds, and believes such financing is
feasible under current market conditions,
Ridgecrest Court Investor, LLC
Fact Sheet
August 2023
2
Public Purpose Benefits
Ridgecrest’s commitment and mission to preserve affordable housing is not realized through
bricks and mortar alone, but in union with programs and services offered to residents. Residents
in these communities have access to a wide variety of educational, health, and enrichment
programming through Operation Pathways.
Legal and Regulatory Affairs
The law office of Orrick, Herrington, and Sutcliffe LLP are assigned as bond counsel to the
Revenue Bond Program, and has preliminarily determined that the Ridgecrest is a 501(c)(3)
organization and the project constitutes a permissible undertaking in the area of, “a property or project that will contribute to the health, education, safety, or welfare, or creation or preservation
of education, safety, or welfare, or creation or preservation of jobs for residents of the District”, within the meaning of Section 490(a)(1) of the District of Columbia Home Rule Act.
Based upon the information set forth in the application, the Revenue Bond Program staff has determined that the proposed project complies with criteria for approval of a proposed financing transaction through the District’s Revenue Bond Program and will assist the Borrower in furthering its organizational mission.
GOVERNMENT OF THE DISTRICT OF COLUMBIA
OFFICE OF THE ATTORNEY GENERAL
Commercial Division
Tax & Finance Section
MEMORANDUM
TO: William Liggins
Director, Revenue Bond Program
Office of the Deputy Mayor for Planning and Economic Development FROM: Patrick Allen
Senior Assistant Attorney General
Commercial Division
DATE: August 31, 2023
SUBJECT: Legal Sufficiency Certification of the “Ridge crest Court Investor, LLC
Revenue Bonds Project Approval Resolution of 2023”.
This is to certi fy that
the Commercial Division has reviewed the above-referenced
resolution and found it to be legally sufficient . If you have any questions in this regard,
please do not hesitate to call me at (202) 724-7754. _________________________________ Patrick Allen
Senior Assistant Attorney General